2024 marks a pivotal year for pension planning in the UK. With the Lifetime Allowance (LTA) being abolished and new pension allowances introduced, it’s essential to understand these changes and how they affect your retirement planning.
Starting April 2024, the LSA will set a £268,275 limit on tax-free lump sums. This change aims to simplify how individuals access their pension funds.
The LSDBA introduces a £1,073,100 allowance, impacting both lifetime withdrawals and death benefits. This allowance is crucial for estate planning and maximising your pension’s value to beneficiaries.
Pensions Advice UK does not provide pension advice or advice about any other types of investment. Any information on our web site is provided for guidance purposes only.
These reforms will significantly impact retirement strategies. Understanding the nuances of the LSA and LSDBA is essential for anyone looking to optimise their pension for future security and tax efficiency.
With the introduction of the LSDBA, planning for how your pension will be handled in the event of death is more important than ever. These changes offer new opportunities for estate planning, ensuring your loved ones are taken care of.
The abolition of the LTA and the introduction of new allowances necessitate a revision of tax planning strategies. Maximizing tax efficiency under the new regime will be key to preserving your pension’s value.
Given the complexity and significance of these changes, seeking professional advice is crucial. An expert can help navigate the new rules, ensuring your retirement planning is both compliant and optimized for your future needs.
GAP-GNX Ltd is the legal entity sitting behind Pensions Advice UK.
It is important to get professional financial advice that can add significant value to individuals, and considerably enhance their retirement plans. Whilst focusing on retirement, our authorised network of advisers provide a full range of financial solutions to both individuals and businesses alike.
Our chosen advisers are at the heart of our business, and they are committed to delivering an excellent customer experience. We believe, by putting you in touch with them, you have the right to expect value for money and excellent customer service.
Pension Advice UK only uses only the very best, qualified pension advisers with many years of experience in helping clients achieve their financial goals.
We only put you in touch with firms and advisers who are authorised and regulated by the Financial Conduct Authority and who have the experience to provide high quality advice.
Pensions Advice UK Does not provide pension advice or advice about any other types of investment. Any information on our web site is provided for guidance purposes only.
Registered as a Limited Company in England and Wales – Company No. 12013134.
GAP-GNX Ltd, The Glades, Festival Way, Festival Park,
Stoke on Trent, Staffordshire ST1 5SQ.
Get regular updates, tips advice and news about pensions, retirement, investments, life insurance, mortgage offers, and much more…
Allocated advisers are regulated by the Financial Conduct Authority.
© 2021 ALL RIGHTS RESERVED
© 2021 ALL RIGHTS RESERVED
