Pension Freedoms and the Lifetime Allowance Changes 2016

Pension Freedoms 2015 created opportunities for more flexible access to your pension fund from the age of 55, both for company final salary schemes and for money purchase pensions. If you own paid up (deferred) benefits from an old occupational schemes, these could be more valuable than you thought. However, the lifetime allowance will reduce from £1.25 million to £1 million on 6th April 2016, and is likely to affect many high earners with reasonable pensions – which could lead to a tax bill of 55%.

If you are over 50 and with earnings over £110k per annum, or you have an expected pension income of over £40k per annum, we strongly advise you seek a review of your overall pension position to find out if these changes are going to affect you.

Our experienced pension advisers offer an initial no-obligation meeting at our expense where they can help you;

  • Find out if the new limits will affect you – you could face a 55% tax bill
  • Find out if taking action now will help minimise your tax bill
  • Find out if you qualify for new tax advantages that are available (for high earners)
Call us on 0141 352 7800 to arrange a meeting and find out how you can maximise the new advantages, whilst minimising any effects of the reductions.




For general information and guidance only there is more information on the lifetime allowance for pension savings at the Money Advice Service.


If you take your entire pension fund early you could be financially worse off in the future.