There is a deadline approaching. I am sure you are aware that HMRC will be reducing the lifetime allowance for pension savings to £1.25 million from 6 April 2014.
If you work for the NHS, or have other substancial pension holdings, you need to ensure you have had your NHS pension/personal pension savings reviewed to ensure that you are not going to exceed this limit and potentially fall foul of tax charges!
This is hopefully something that the NHS are monitoring for you, but if you have a personal pension, or are not certain that your NHS pension has been reviewed you may need to apply for Fixed Protection or run the risk of paying 55% tax on any excess.
If you haven’t previously applied for protection it may be possible to do so now and secure the higher lifetime allowance, currently £1.5 million, but with a deadline of 5th April 2014 the clock is ticking.
If this situation relates to you we recommend that you make enquiries of the NHS or your Financial Adviser as soon as possible, as should you benefit from the latest form of protection, Fixed Protection 2014, or have protection from a previous date, there may be implications which could impact on your ability to remain an active member of the NHS scheme or any other pension arrangement you may own.
If you are in any doubt, contact your local Burgis & Bullock office on 0845 177 5500 or using the on-line form for a free initial overview.