The pension lifetime allowance (LTA) will be increase from £1,073,100 to £1,078,900 on 6th April 2021.
The lifetime allowance currently increases each year in line with inflation.
The rules around lifetime and annual allowances are very complicated, so it is important to take independent financial advice before making any pension related decisions.
Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow. We offer independent financial advice on pensions, investments and much more.
Contact us today and find out how our expert advice can help you plan for your retirement with confidence.
Information correct as at 21/10/2020.
A pension is a long-term investment. The fund value can fluctuate and go down. All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.