Lifetime allowance rules are changing...again!

What happens if I exceed the LTA?
From 6 April 2016, if at the time you take your pension benefits the value exceeds the £1 million LTA, you will incur a tax charge on the portion of benefits taken above this amount. This tax charge will be 55% if benefits are taken as a lump sum or 25% if paid as income, which itself is then subject to tax under PAYE rules.
 
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