Reminder on tax limits
Over the last couple of years there have been some important changes to pensions tax allowances. You can read about the changes to the Annual Allowance (AA) and the Money Purchase Annual Allowance (MPAA) on the Standard Life website at:
Pension Annual Allowance Guide:
Annual Allowance Questions Answered:
New lump sum allowances
The Lifetime Allowance (LTA) was the maximum amount that someone could save in their pension and take without incurring additional tax. The LTA has now been abolished and there are now two new lump sum allowances. From 6 April 2024, the total amount of your pension savings (across all your pension schemes) that can be paid as tax-free lump sums will be limited by the Lump Sum Allowance and the Lump Sum and Death Benefit Allowance.
