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State Pension part of LTA calculation??

TUK020
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State Pension part of LTA calculation??

#202919

Postby TUK020 » February 21st, 2019, 1:31 pm

I have just misread a post on the Retire Early board, and had a mini panic attack.
I realise that I have been making the assumption that the LTA calculation did not include the State Pension, as this has nothing to do with Tax Relief. But it is an assumption - never seen this explicitly spelled out.
I am hoping someone here knows the definitive position on this, so I don't need to devote hours rummaging on UK Gov websites

DrBunsenHoneydew
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Re: State Pension part of LTA calculation??

#202924

Postby DrBunsenHoneydew » February 21st, 2019, 1:37 pm

TUK020 wrote:I have just misread a post on the Retire Early board, and had a mini panic attack.
I realise that I have been making the assumption that the LTA calculation did not include the State Pension, as this has nothing to do with Tax Relief. But it is an assumption - never seen this explicitly spelled out.
I am hoping someone here knows the definitive position on this, so I don't need to devote hours rummaging on UK Gov websites


State Pension is in no way part of the Lifetime Allowance. It applies to the total of all the pensions you have, including the value of pensions promised through any defined benefit schemes you belong to, but excluding your State Pension.

As affirmed here: https://www.moneyadviceservice.org.uk/en/articles/the-lifetime-allowance-for-pension-savings

TUK020
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Re: State Pension part of LTA calculation??

#202958

Postby TUK020 » February 21st, 2019, 3:53 pm

Thank you sir.
Panic over
tuk020


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