Lifetime pension allowance raises £70 million

HMRC have reduced the lifetime pension allowance from £1.5m to £1.25m to currently £1.03m. If a pension fund exceeds these limits then a tax charge arises of 55% on lump sum withdrawals and 25% if taken as a pension. The tax take from this measure rose from £40m in 2014/15 to £110m in 2016/17. Protecting your pension fund at the maximum level possible year on year as the value increases is certainly worth discussing with your broker