Fixed protection alone is insufficient, Hogan Lovells warns pension savers
On 6 April 2014, the Lifetime Allowance for tax-efficient pension savings will reduce from £1.5m (or £75,000 per annum) per person to £1.25m (or £62,500 per annum). Hogan Lovells has warned that anyone who already has pension savings of £1.5m could incur a tax charge of up to £137,500 after this reduction if they do not have protection.
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