Getting to grips with Sipps: what you need to know about the Lifetime Allowance

Many people wrongly assume that the Lifetime Allowance will never apply to them, we explain why and outline the tax charges on pensions.

August 30, 2019

In the fifth episode of our jargon-free video series on self-invested personal pensions, or Sipps, Money Observer editor Faith Glasgow runs through the Lifetime Allowance, which applies to any pension, not just Sipps.

In the video, Faith explains how the Lifetime Allowance is calculated and why public sector workers such as headteachers, senior civil servants or GPs are likely to be affected, while also outlining the tax charges applied when the Lifetime Allowance is breached.

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