How does taking a defined benefit pension before 2006 impact your lifetime allowance?
If you took a defined benefit pension pre-A-Day, how do you calculate the proportion of your lifetime allowance it takes up?RichardTom Selby, AJ Bell Senior Analyst says:The lifetime allowance, which caps the amount you can save in a UK pension over your lifetime, was first introduced at 'A-Day' in April 2006 as part of reforms designed to simplify the retirement tax rules in the UK.The...
