What happens if you exceed the Pension Lifetime Allowance?

Author	Message
Written on: 03.12.2009 [08:36]
Jasmin Jasmin Topic creator Posts: 6	I have heard that there is some kind of Pension lifetime allowance, and was wondering about the details. How much is the allowance, and would happen if I were to pass it?
Written on: 07.12.2009 [11:35]
Lacey Lacey Posts: 5	Well actually it would be quite hard for you to pass it as it is way up in the millions, unless you are very lucky Nothing major does happen if you pass it of course, they cant like take it away from you or anything drastic like that…. But then again 25% is a little harsh I suppose. Ok stop stressing, its 25% of the amount over the allowance for that year ie £1.8million in 2010/2011. But again this changes depending on what kind of policy you have, does it pay out as a lump sum or over the retirement period?
Also very interesting: Can someone explain the Pension Protection Act lump sum debate to me? Where to get free and simple information regarding the pensions A day? Finding an easy to use pension-value calculator Dept of Works & Pensions access to bank details? Why have final salary pensions stopped? FSA Pension calculator query: what is the lump sum? Is it necessary to send medical forms to the pensions office? Possible to recontract back into Serps pension? What is a pension protection lump sum death benefit? Are companies able to raid companies’ pensions and steal from its employees?