Scottish Widows has proposed an alternative system for calculating the maximum lifetime pensions lim...
Scottish Widows has proposed an alternative system for calculating the maximum lifetime pensions limit which assesses the annual limit any person can take, and without needing to constantly reassess relevant calculations and the limit. Rather than setting a maximum lifetime limit of £1.4m, Scottish Widows suggests a maximum annual limit of around three times the National Average Earnings - which is currently around £25,000 - which is then valued each year using the annuity rate calculations introduced for Statutory Money Purchase Illustrations (SMPI) to give a potential total pension f...
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