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Benefex

Reduction in the pensions Lifetime Allowance…

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If an individual’s lifetime allowance is exceeded, the tax recovery charge is broadly 55% of the excess. This tax is due at any “benefit crystallisation event” (BCE), which are most commonly on death or retirement; but there are 11 BCEs in total. It is therefore prudent to ensure your retirement savings/life assurance benefits do not exceed the relevant maximums.

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