Govt publishes lifetime allowance protection regime

Chancellor George Osborne announced the cut, which will see the LTA cut from £1.25 to £1m, in the 2015 Budget. The government's draft finance bill, published in December, provides information on how savers who have already built up pensions worth more than £1m can avoid a tax charge. Under the fixed protection FP16, most people will be able to protect an amount of £1.25m, as long as they cease contributions before 6 April 2016. Similar rules apply under the individual protection IP16. The draft bill also stipulates that those who had built up an entitlement to a cash lump sums of l...