Life after the Lifetime Allowance

[@Leapops]

Thank you for this video. It is the first I have seen that explains the transitional arrangements for people (like me) who already were taking pension benefits. The LTA may be one of the most stupid taxes ever devised. I suspect it raised a negative amount and is the reason it is so hard to get a GP appointment and why highly paid NHS staff are either cutting hours or retiring completely. I am not in the public sector but I did take all my pensions at 55 as I was right at the LTA limit. Because I am no longer working and thus, no longer paying high rate tax, I estimate the Government has taken circa £30,000 less tax from me than if the LTA had never existed.

[@AJBellInvestcentre]

Thank you, Leapops. I'd like to caveat that this video is intended for financial advisers only, but we're glad you found the video insightful. Regards, Brianna.

[@SJD207]

Excellent video! Very clear explanation much appreciated!

[@AJBellInvestcentre]

Glad to hear you found the video helpful!

[@C-L66]

Thanks really great explanation of the changes, the best have seen so far. I have a question, I'm in a particular position where I had already gone over the old LTA with 2 x DB schemes plus a small DC by last April, and since the changes last April i have saved more in to the DC and intend to do so this year and then start taking all my pensions at the end of this year 2024. I'm really concerned that if we get a change of government later this year and they reintroduce the LTA as it was before I take my pensions I will then be paying lots of tax. I know we have not seen the election mandates as yet but in your opinion how soon could it be reversed, would it need to wait until the following April? I have myself stressing over this as I could just start taking my pensions as soon as the election date is set to avoid this uncertainty but that will reduce my pensions for the rest of my life, by paying more % reduction for taking the BD's earlier.

[@AJBellInvestcentre]

Hi C-L66, we’re glad to hear you found the video insightful, however, it is intended for advisers only. As we cannot give any advice I am happy to direct you to a recent article where our Director of Public Policy, Tom Selby, comments on the LTA changes: www.lovemoney.com/guides/255116/pension-lifetime-allowance-should-you-crystalise-labour-government Thanks, Brianna.