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Is your pension caught by allowance?

David Downie explains the current situation with lifetime allowance.

Pensions are rarely out of the headlines these days, but how much attention do you pay to yours? As a dentist, you could be one of the many pension savers potentially facing a hefty tax bill at retirement when the pension lifetime allowance (LTA) drops from £1.5m to £1.25m from 6 April.

The LTA is the amount that can be built up across all of your pension funds before incurring a 55% tax charge. 

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