Q&A: Protection from the lifetime allowance charge

The reduction in the lifetime allowance for pension savings from £1.5 million to £1.25 million announced in December 2012 could affect GPs who may have built up pension savings in excess of the limit. Some relief will be available though and on 10 June HM Treasury published a consultation document setting out how a new regime for protecting pension savings against tax charges is likely to work. Here AISMA accountant Luke Bennett summarises a new scheme to protect GPs’ pensions from the lifetime allowance charge. Read more