Deadlines for pension protection

Many people with large pension pots need to act before next April to avoid tax charges, says the Financial Times.

People whose pension pots exceed the new £1.25 million ‘lifetime allowance’ will face a tax charge of 55%, but they can apply for ‘individual protection’ before next April to secure a higher allowance of up to £1.5 million. Confusingly, though, there is another option, fixed protection, and which of these forms of protection is most suitable will depend on personal circumstances, making it essential to obtain advice.