Budget 2015 – Pensions

Pensions Taxes

There will be a further reduction in the lifetime allowance, and from 2016 an individual will pay tax when they draw their pension pot if its value exceeds £1m.  This is a reduction of £250k from the current limit of £1.25m.  It is expected that protections will be offered which will be similar to those available when the lifetime allowance last fell, in order to safeguard pensioners who already have savings above £1m.

From 2018 the lifetime allowance will begin to increase each year by the rate of the Consumers Prices Index (CPI).

The Chancellor confirmed there will be no change to the annual allowance, and this will remain at £40,000.

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May 21

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