Budget 2015 – Pension Lifetime Allowance of £1m

The new Pension Lifetime Allowance of £1m will mean that Directors, GPs and other Senior Executives will pay a 55% tax on the value of their pension fund in excess of the £1m allowance. Unless you have ring fenced your fund at the previous and higher allowance value. The trap for defined benefit pension schemes is that they are valued at 20 times the annual pension that they have bought