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We are now seeing increased PPF compensation offers dropping onto members’ doormats. And while, this is a positive for most, some will have lifetime allowance implications that will need to be dealt with.
Those approaching retirement will likely come across the Lifetime Allowance. In this article we have explained the Lifetime Allowance in more detail, and what this means for your pension.
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.
HMRC is reminding active members of public sector pension schemes that they may need to act before 1 April 2022 to avoid losing lifetime allowance protection. Members of any pension scheme who lose their protection need to notify HMRC.
The Government tops up pensions as an incentive to save for old age There are annual and lifetime limits and if you go over them HMRC will claw back some of your savings HMRC has reported a rise in the number of people who get caught out Meanwhile, the Chancellor is reportedly mulling a raid on pension tax breaks to help pay the massive bill for fighting Covid-19.