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

    ...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 to apply for primary and enhanced protection. How primary and enhanced...

  • Individual protection - Royal London for advisers

    ...more Fixed protection - Royal London for advisers ...from the lifetime allowance charge Before fixed protection was introduced it had been possible to protect pre 6 April 2006 benefits from the... Individual protection - Royal London for advisers ...more Fixed protection - Royal London for advisers...

  • Pension protection - Royal London for advisers

    Pension protection What you will find on this page Lifetime allowance protection Our frequently asked questions Protecting Pre 6 April 2006 benefits and tax-free cash Tax-free cash protection on transfer Lifetime allowance protection It is currently possible to protect benefits from a lifetime...

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    Information and guidance

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

    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 excess value...

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

    protection and the lifetime allowance The individual must have available lifetime allowance when the scheme-specific lump sum is paid. The level of an individual’s lifetime allowance depends on whether or not they have lifetime allowance protection and the form of that protection. If the individual has...

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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 - All you need to know - Royal London for advisers

    6 April 2009. Fixed protection. The lifetime allowance was steadily reduced from its high point of £1.8 million in 2010/11. It is currently £1,073,100. Each time it was reduced, fixed protection was made available to allow the individual to retain the previous lifetime allowance.  However, any...

  • 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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    Case studies

  • Budgets and Acts - Royal London for advisers

    Regulatory charge cap Lifetime allowance Annual allowance Money purchase annual allowance Tapered annual allowance Public service pension reform remedy (McCloud) State pension Protection Inheritance tax ISAs 2021 Spring Budget 2021 Spring Budget Summary Furlough scheme Income tax Charge cap...

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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...

  • Benefit options - Royal London for advisers

    's pension scheme Lifetime allowance at age 75 case study Lifetime 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...

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  • 2013 Budget Summary - Royal London for advisers

    ...that the Chancellor has resisted the temptation to reduce further the annual allowance and lifetime allowance limits. The proposal to allow pension schemes to invest in residential property (albeit in a restricted way) would have to be carefully designed to ensure that there are no unwanted consequences...

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    Information and guidance

  • Pension protection FAQs - Royal London for advisers

    ...primary protection to reduce or eliminate the chance that a lifetime allowance charge will apply. The amount of tax-free cash they built up before 6 April 2006 could also have been protected. The tax-free cash is protected as a monetary amount if it exceeded £375,000 (25% of the lifetime allowance...

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    Frequently asked questions

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

    ...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 of crystallisation is used - NOT the value on 6 April 2006...

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    Information and guidance

    Case studies

  • Lifetime allowance explained - Royal London for advisers

    ...to protect benefits in excess of the lifetime allowance. The lifetime allowance is currently £1,073,100. The lifetime allowance charge applies if benefits exceed the lifetime allowance. The lifetime allowance was introduced on 6 April 2006 (A-Day) but has not remained at the same level.  It is currently...

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    Information and guidance

  • 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

  • Pensions A to Z - Royal London for advisers

    - income drawdown FAQs - investments, property and borrowing FAQs - lifetime allowance FAQs - overseas FAQs - pension ages FAQs - pensions and divorce FAQs - protection - primary, enhanced, fixed and individual protection FAQs - qualifying recognised overseas pension schemes (link to HMRC website...

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    Pension freedom

    Auto enrolment

    Information and guidance

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

    ...of fund. It's 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...

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    Information and guidance

  • HMRC Pensions Tax Manual - Royal London for advisers

    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: contents PTM120000 Investments: contents PTM130000 Unauthorised...

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    Pension freedom

    Auto enrolment

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  • 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

  • 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) We look at each of them in turn. Lifetime allowance The way in which benefits are tested against the lifetime allowance is different for defined benefit and defined...

  • HMRC Pension Schemes Newsletters - Royal London for advisers

    ...death benefits pension scheme migration accounting for tax returns registration statistics pension flexibility statistics Newsletter 137 – February 2022 This includes information on the following: public service scheme members with fixed or enhanced protection loss of lifetime allowance protection...

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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

  • 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

  • Autumn Statement 2012 - Royal London for advisers

    ...of protection from the lifetime allowance charge that already exist, they were obviously running out of ideas of what to call this new protection and all they could come up with was 'fixed protection 2014'. This will allow individuals to apply to retain a lifetime allowance of £1.5 million after 6 April 2014...

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    Information and guidance

  • Taking benefits - Royal London for advisers

    . 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 reduced in 2012, 2014 and 2016 the government introduced new protections which allowed members to protect...

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    Information and guidance

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

    ...million (the lifetime allowance from 6 April 2016) to protect those rights, subject to an overall maximum of £1.25 million. A crucial difference from fixed protection 2016 is they can still be an active member of a pension scheme. It is possible to apply for individual protection 2016 if the member...

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    Frequently asked questions

  • Auto enrolment -frequently asked questions - Royal London for advisers

    ...for that company and there is someone else employed by the company under a contract of employment. Since 6 April 2016 employers have discretionary powers to not enrol directors or those with protection from the lifetime allowance charge. Q: What happens if someone works for more than one employer...

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    Auto enrolment

    Frequently asked questions

  • 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

  • Pension case studies - Royal London for advisers

    Case studies Often a case study can help bring a technical point to life. What you'll find on this page Benefit options and lifetime allowance Contributions, annual allowance and tax relief Death benefits General Benefit options and lifetime allowance Emergency rate tax Lifetime allowance - how...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • 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 covers

    Relevant Life

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  • Pensions technical information and guidance - Royal London for advisers

    ...questions answered Clare Moffat from our Intermediary Development and Technical team looks at the most common questions we receive in the run up to tax year end. Most popular topics Lifetime allowance & benefits The main purpose of a pension is to provide an individual with an income when they reach...

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    Information and guidance

  • 2021 Autumn Budget - Royal London for advisers

    ...productive assets, while continuing to protect savers Lifetime allowance As already known, the lifetime allowance will be maintained at the current level of £1,073,100 until April 2026. Annual allowance The annual allowance remains at £40,000 for 2022/23. Money purchase annual allowance The money purchase...

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  • Lifetime allowance charge case studies - Royal London for advisers

    . No lifetime allowance charge is payable at this time. On the 6 April 2016 the lifetime allowance reduced from £1.25 million to £1 million. As she had not applied for primary or enhanced protection Emma decided to apply for fixed protection 2016. This lets her keep the £1.25 million lifetime allowance...

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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

  • Benefit options summary - Royal London for advisers

    ...not used up all of their lifetime allowance at the point the payment is made. The position where the payment, once made, actually breaches the 100% of the individual’s available lifetime allowance is explained below. The payment must extinguish all uncrystallised rights under the arrangement...

  • 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

  • Technical information and guidance on pensions, protection, trusts and taxation - Royal London for advisers

    ...is full of questions people have asked us, along with the answers. Pension information and guidance Most popular topics: Annual allowance Lifetime allowance Contributions and tax relief Death benefits Pension protection Pension transfers Our Top Articles Recommended articles: Annual allowance tapering...

  • 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 2022/2023 £1,073,100 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...

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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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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.