Pension savers are rushing to protect their lifetime allowance, following its reduction in April this year.
The lifetime allowance is the maximum amount you can save in a pension over your lifetime. Any amount saved in excess of this is taxed at a rate of 55% (or 25% if taken as income). It currently stands at £1 million following a reduction from £1.25 million in April.
Source Moneywise http://ift.tt/2d9odEP
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