Submitted on Tuesday 18th August 2015
Published on Wednesday 19th August 2015
Current status: Closed
Closed: Friday 19th February 2016
Signatures: 39
Scrap the unfair Lifetime Allowance on pensions
The Lifetime Allowance (LTA) is amount of money you can have in your pension pot before you start being taxed at the excess at 55%. The LTA is set at £1 million which would give an annual annuity of approximately £25,00 pa.
After £1 million in the pension pot a 55% tax rate would apply. For those lucky enough to have a defined benefit scheme the limit equates to £50,000. before the 55% tax would apply. The LTA allowance has also been reduced from its initial limit of £1.5 million to £1 million which gives uncertainty to savers
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