Lifetime Allowance for pensions

Anyone know how, in principle, the lifetime allowance is allocated when you commence to draw down your pensions at different times.

Is the first lot of pension worked out as a %age of the lifetime allowance at that time, and then that %age carried forward for use in the next calculation? And so on, accumulating the %ages each time.

If so, as the lifetime allowance increases on 6 April each year, it presumably makes more sense to take your pension on 6 April rather than 5 April. Damn complicated this pension simplification business!

Reply to
GB
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I have no idea, but

I also wondered what happens if your fund after drawdown commences increases to above the lifetime allowance.

If only I had bought more Tanfield shares than I did........

Reply to
Miss L. Toe

I am not sure if this helps but my pension scheme has given this guidance which it says applies to all schemes and not just to the british steel scheme.

As I see it page 5 seems to answer some of your queries....

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Reply to
biggirlsblouse

Reply to
biggirlsblouse

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