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
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State Pension part of LTA calculation??
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Re: State Pension part of LTA calculation??
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
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