In a letter from the company paying my private retirement pension I read:
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5 April deadline for pension benefit protection Since 6 April 2006 (A-day) the amount of pension benefits that can be built up without incurring any additional tax charge has been based on the Standard Lifetime Allowance (SLA). Initially the SLA was set at £1.5 million.If your pension benefits from all sources (excluding State pension) were in excess of the SLA at A-Day you have until 5 April 2009 to apply for primary protection. etc
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Can someone explain this in simple terms please? In particular, what is my 'pension benefit', and how can I establish what it was on 'A-Day'?