Pensions – Guidance re Lifetime allowance
Draft guidance has been published on the reduction in the lifetime allowance for pension savings.
The publication of this guidance follows the government’s announcement earlier this year that the lifetime allowance for pension savings for individuals is to be reduced from the current £1.8 million to £1.5 million from April 2012.
This draft guidance contains information on the changes to the lifetime allowance and is based on the draft legislation published on 9 December 2010. The guidance is subject to change depending on the final legislation.