The government has introduced lifetime caps on the amount an individual can tax-efficiently save in a pension pot.
The standard lifetime allowance – the amount a person can build up in their pension pots during the course of their lives – was reduced to £1m from 6 April 2016, down from £1.25m in the last series of cuts in 2014.
It is important to note, however, that you can protect your pension from these reductions. You can “lock in” that capped amount so that it will be unaffected by any future adverse changes, even if the government decides to reduce the cap again further down the line.
Through our extensive network of contacts, we are able to introduce you to an Independent Financial Adviser who will assess your situation and inform you of the pension protections best suited to you. To find out more, contact Alan Ford or your usual Beavis Morgan Partner.