Percentage of Lifetime Allowance

chrissa1 | 12:22 Fri 01st Jul 2011 | Personal Finance

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Am I right in thinking that my Lifetime Allowance from my Teacher's Pension is 1.64% of the Lump Sum? Thanks.

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chrissa1

Question Author

Just realised that the LTA does not apply to just My pension but is a National Figure.

factor-fiction

Hope this is sorted now, Chrissa. I doubt the lifetime allowance will be of concern to teachers.

chrissa1

Question Author

No not really factor but I think I'm going to get £28.00 per month. Happy Days.

factor-fiction

From HMRC site:
"The government announced on 14 October 2010 changes to the lifetime allowance for tax relief on pensions. From 2012-13 onwards, the lifetime allowance for pension savings for individuals will be reduced from the current level of £1.8 million to £1.5 million"

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