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You searched for the term Lifetime protection Your search returned the following 40 results...
 
  • Fixed protection - Royal London for advisers

    - PTM092420 - Setting up a new arrangement Other types of protection from the lifetime allowance charge Before fixed protection was introduced it had been possible to protect pre 6 April 2006 benefits from the lifetime allowance charge using primary and enhanced protection. It is no longer possible...

  • Individual protection - Royal London for advisers

    Individual protection Individual protection (IP) maintains the lifetime allowance at a certain level depending on what type the individual has. There are two different versions. Key facts Individual protection 2014 gives individuals a protected lifetime allowance equal to the value of their pension...

  • Lifetime allowance charge – excess taken as income - Royal London for advisers

    ...any lifetime allowance protection. The lifetime allowance at is £1,073,100. Douglas’s excess benefits value is £926,900 (£2,000,000 - £1,073,100). Douglas is taking the excess benefits value as income so the scheme administrator deducts a tax charge of 25% of the excess (£231,725). This leaves a net...

  • Pension protection - Royal London for advisers

    Pension protection Lifetime allowance protection It is currently possible to protect benefits from a lifetime allowance charge as a result of the lifetime allowance being reduced (which the Government like to do quite often). This protection has the effect of locking the lifetime allowance...

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    Information and guidance

  • Protection of scheme specific tax-free lump sum - Royal London for advisers

    ...vary from scheme to scheme. The higher the commutation factor the higher the amount of tax-free lump sum available. This also results in the least amount of pension given up in order to provide the maximum tax-free lump sum. Scheme-specific lump sum protection and the lifetime allowance...

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    Information and guidance

  • Lifetime allowance charge - Royal London for advisers

    ...from a registered pension scheme without being subject to the lifetime allowance charge. Benefits in excess of the lifetime allowance could be protected from the lifetime allowance charge by using primary, enhanced, fixed protection (2012, 2014 or 2016) and individual protection (2014 or 2016...

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    Information and guidance

  • Lifetime allowance explained - Royal London for advisers

    The lifetime allowance is the maximum value of benefits that can be taken from a registered pension scheme without being subject to the lifetime allowance charge. Benefits are only tested against the lifetime allowance when a benefit crystallisation events happens. It may be possible to protect...

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    Information and guidance

  • Budgets and Acts - Royal London for advisers

    ...allowance - individual protection Personal allowances Rates and Allowances - Tax and tax credit rates and thresholds for 2014-15 2013 Budget Budget Summary 2013 Personal allowances State pensions – new state pension to commence from April 2016 Lifetime allowance - individual protection Lifetime allowance...

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    Information and guidance

  • UFPLS FAD case study - Royal London for advisers

    ...of the business but needs some funds to support himself whilst his new company starts. Neither of them has any lifetime allowance protection. What are the options? Jim’s protected TFC entitlement is £660,000 and he wants to keep this. He could take his benefits from the SSAS but it doesn’t offer drawdown. He...

  • Pensions A to Z - Royal London for advisers

    ...and annual allowance FAQs - Death benefits FAQs- Death benefits - nominated beneficiaries FAQs - Eligibility FAQs - Income drawdown FAQs - Investments, property and borrowing FAQs - Lifetime Allowance FAQs - Overseas FAQs - Pension ages FAQs - Pensions and divorce FAQs - Protection - primary, enhanced...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • 2013 Budget Summary - Royal London for advisers

    National Insurance costs. Whether this will result in an increased rate of closure of defined benefit schemes remains to be seen. Lifetime allowance - individual protection Section 2.10 of HMRC - Overview of tax legislation and rates   As we knew already from the Autumn Statement, the lifetime allowance...

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    Information and guidance

  • Death benefits pre 6 April 2015 overview - Royal London for advisers

    ...important to note that a tax charge would have applied to any lump sum death benefit payable in excess of :   the standard lifetime allowance (SLA), or the personal lifetime allowance (PLA) if primary protection had been chosen, or the 'benefits value' (for example the fund value) if enhanced protection...

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    Information and guidance

  • Lifetime allowance at age 75 case study - Royal London for advisers

    ...personal pension plan with provider B. He has no lifetime allowance protection. When he reaches age 75 in 2021/22, his drawdown plan is worth £675,000. The amount tested against the lifetime allowance as a BCE 5A is therefore £75,000 (£675,000 – £600,000). His uncrystallised personal pension plan...

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    Information and guidance

    Case studies

  • HMRC Pensions Tax Manual - Royal London for advisers

    PTM050000 Annual allowance: contents PTM060000 Member benefits: contents PTM070000 Death benefits: contents PTM080000 The lifetime allowance and the lifetime allowance charge: contents PTM090000 Protection from the lifetime allowance charge: contents PTM100000 Transfers: contents PTM110000 International...

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    Pension freedom

    Auto enrolment

    Information and guidance

    ...

  • Primary and enhanced protection - Royal London for advisers

    Primary and enhanced protection It was possible to protect pension benefits built up before 6 April 2006 (A-Day) from a lifetime allowance charge by applying for primary and enhanced protection. It was possible for individuals of pension schemes set up before 6 April 2006 to protect the benefits...

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    Information and guidance

  • Lifetime allowance - how benefits are tested - Royal London for advisers

    ...as the individual is expected to have taken a tax-free lump sum when the benefits were taken. He doesn’t have any lifetime allowance protection, his pre 6 April 2006 scheme pension of £11,905 a year is in payment when he takes the defined benefits scheme pension (the current value at time...

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    Information and guidance

    Case studies

  • Pension protection FAQs - Royal London for advisers

    ...after 6 April 2006 is the amount of tax-free cash available at 5 April 2006 indexed in line with increases to the lifetime allowance. From 6 April 2012, this increase factor is 1.2 (1.8/1.5), despite the current lifetime allowance being £1,073,100.  Primary protection had to be applied for by 6 April...

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    Frequently asked questions

  • DB transfers – three things to think about - Royal London for advisers

    . There are three themes in the queries we receive on the subject: lifetime allowance and protection equalisation Guaranteed Minimum Pension (GMP) This is a complicated area of advice and the queries we’re receiving fall under three themes:  lifetime allowance and protection equalisation Guaranteed Minimum Pension...

  • Lifetime Allowance - frequently asked questions - Royal London for advisers

    , the difference between the two is subject to the lifetime allowance charge, unless the individual has primary, enhanced, fixed protection or individual protection where a different lifetime allowance may apply. Rates & Factors - Standard Lifetime Allowance PTM081000: Essential principles of the lifetime...

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    Frequently asked questions

  • Autumn Statement 2013 - Royal London for advisers

    ...that a new class of voluntary National Insurance will be introduced to allow current pensioners and people who reach State Pension age before 6 April 2016 to top up their National Insurance record and boost their entitlement to the State Pension. Lifetime allowance - individual protection Section...

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    Information and guidance

  • Tax-free cash protection on transfer - Royal London for advisers

    ...through scheme specific tax-free cash protection. Protection means that the tax-free cash amount can be increased. Although the lifetime allowance has reduced since its highest level of £1.8 million in 2010/12, the tax-free cash sum is still increased by 20% (1.8m/1.5m). If in the future...

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    Information and guidance

  • Lifetime allowance - All you need to know - Royal London for advisers

    ...without being subject to the lifetime allowance charge. Benefits are only tested against the lifetime allowance when a benefit crystallisation event happens. It may be possible to protect benefits in excess of the lifetime allowance. The lifetime allowance is currently £1,073,100. The lifetime...

  • Benefit options - Royal London for advisers

    - All you need to know Benefit crystallisation events and the lifetime allowance charge Lifetime allowance Lifetime allowance charge It is currently possible to protect benefits from a lifetime allowance charge as a result of the lifetime allowance being reduced. This protection has the effect...

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    Information and guidance

  • Autumn Statement 2012 - Royal London for advisers

    /15. Reduction of lifetime allowance Restriction on pension tax relief - pages 3-6 This was more of a surprise. The lifetime allowance is reducing from £1.5 million to £1.25 million. Again, this will be effective from 6 April 2014 and protection will be available. Given the various types...

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    Information and guidance

  • Taking benefits - Royal London for advisers

    . It is possible for members of pension schemes set up before 6 April 2006 to protect the benefits they already had on 5 April 2006. There are 2 types of protection - primary protection and enhanced protection. Members had until 5 April 2009 to apply for primary or enhanced protection. When the lifetime allowance...

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    Information and guidance

  • HMRC Pension Schemes Newsletters - Royal London for advisers

    Lifetime allowance reduction Pension flexibility Secondary annuities market Annual allowance Relief at source - APSS105 and APSS106 forms Appendix 1 – Fixed Protection 2016 (FP2016) information for scheme members Appendix 2 – Individual Protection 2016 (IP2016) information for scheme members Appendix 3...

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    Information and guidance

  • The impact of COVID on business and how Helping Hand can help - Royal London for advisers

    ...need to be making a claim to call and it’s available any time during the lifetime of their protection plan, even on day one. To access the legal and career helplines mentioned in today’s Podcast, your clients should call 0345 6012 598. And for access to the dedicated nurse service, they should call...

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    Business

    Helping Hand

    Business protection

  • Standard Lifetime Allowance - Royal London for advisers

    Standard Lifetime Allowance The history of standard lifetime allowance for the different tax years from 2006/07. Tax year Standard lifetime allowance 2021/2022 £1,073,100 2020/2021 £1,073,100 2019/2020 £1,055,000 2018/2019 £1,030,000 2017/2018 £1,000,000 2016/2017 £1,000,000 2015/2016 £1,250,000...

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    Rates and factors

  • Watch our lifetime allowance CPD webinar - Royal London for advisers

    Lifetime allowance - take it to the limit…and beyond Craig explains how to identify if paying a lifetime allowance (LTA) charge or opting out is the right option for your client. He’ll also touch on the factors which could impact suitability and the wider regulatory requirements you should consider...

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    Webinars

  • Benefit crystallisation events and the lifetime allowance charge - Royal London for advisers

    Benefit crystallisation events and the lifetime allowance charge The lifetime allowance is the maximum amount that can be crystallised before a charge applies. It is currently £1,073,100. Key facts Pension benefits held in a registered pension scheme will be tested against the lifetime allowance...

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    Pension freedom

    Defined Benefit

  • Lifetime allowance charge case studies - Royal London for advisers

    ...not applied for any form of protection and had a tax-free cash entitlement of 25% of the benefits value. On 6 April 2010 Emma decided to take £500,000 of her benefits value - 25% as tax-free cash with the balance used to provide an income. The lifetime allowance charge that would apply on her excess...

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    Information and guidance

  • Pre Budget Report 2008 - Royal London for advisers

    ...will be frozen at £18,000. as one of the recycling conditions is linked to the lifetime allowance, the recycling conditions are more likely to be met primary protection will be restricted as the amount of fund protected will not increase after 2010/11. Click here for further information. Scheme specific...

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    Information and guidance

  • 2012 Budget Summary - Royal London for advisers

    ...loopholes. Lifetime allowance - fixed protection Section 2.63 of http://cdn.hm-treasury.gov.uk/budget2012_complete.pdf Before 6 April 2012 it's possible to apply for the lifetime allowance to be fixed at £1.8 million rather than reduce to £1.5 million from 6 April 2012. In return, no further...

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    Information and guidance

  • 2015 Budget Summary - Royal London for advisers

    . The lifetime allowance will be indexed in line with CPI from 6 April 2018. Transitional protection will be available, presumably along the same lines as the protections which applied when the previous reduction from £1.5 million to £1.25 million was introduced from 6 April 2014.  If that is the case...

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    Information and guidance

  • Pension case studies - Royal London for advisers

    ...allowance charge Lifetime allowance charge - designated money in drawdown at age 75 Lifetime allowance charge - excess taken as income Lifetime allowance charge - scheme pension in a defined benefit scheme Protection of scheme specific tax-free cash UFPLS, drawdown, scheme specific TFC and the permissive...

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    Pension freedom

    Auto enrolment

    Information and guidance

    ...

  • Lifetime allowance - take it to the limit and beyond - Royal London for advisers

    Lifetime allowance - take it to the limit and beyond Craig explains why the LTA was introduced, how the level has changed over the years and the impact of the 2021 Budget and what this change will mean. He'll also explore what the most encountered BCEs are and the options for paying the LTA tax...

  • UFPLS explained - Royal London for advisers

    Uncrystallised funds pension lump sums explained One of the options available to individuals with money purchase benefits is to take an uncrystallised funds pension lump sum (UFPLS). Key facts The individual must usually be over age 55. They must have some unused lifetime allowance. It is only...

  • Designing a protection portfolio - Royal London for advisers

    ...a serious or critical illness during your working lifetime, than you are to die2. It’s strange that when you look at the total number of protection sales for each product group, they’re directly at odds with the reality of people making claims. According to Swiss Re, more than 1.5 million term life...

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    Personal

    Opportunity

    Personal protection

    ...

  • 5 things you might not know about relevant life plans - Royal London for advisers

    ...your baking skills, let me know if you’re considering moving into the wedding cake business. If you’d like to learn more about the opportunities of bringing a relevant life plans into your protection conversations with a focus on those clients who have a lifetime allowance issue, why not watch our...

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    Business

    Business covers

    Relevant Life

    ...

  • Pensions technical -useful links - Royal London for advisers

    Protection Fund Prudential Regulation Authority The Pensions Regulator The Pensions Regulator - Stakeholder pension area Miscellaneous Aries Pension & Insurance Systems Association of British Insurers Chartered Insurance Institute GOV.UK - Find pension contact details Pensions and Lifetime Savings Association (formerly NAPF) Pensions Advisory Service Pensions Ombudsman The Personal Finance Society Unbiased.co.uk Share...

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.