Lifetime Allowance definition

Lifetime Allowance means the limit as to the combined total of pension benefits that can be accrued within registered pension schemes without triggering the Lifetime Allowance charge. See further the Key Features Document;
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Lifetime Allowance means the standard Lifetime Allowance as defined in Section 218 of the Finance Xxx 0000
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Lifetime Allowance means the lifetime allowance described in section 218 of the Act that is appropriate to a member.
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Examples of Lifetime Allowance in a sentence

  • CETVs are worked out in accordance with The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 and do not take account of any actual or potential reduction to benefits resulting from Lifetime Allowance Tax which may be due when pension benefits are taken.

  • CETVs are calculated within the guidelines and framework prescribed by the Institute and Faculty of Actuaries and do not take account of any actual or potential reduction to benefits resulting from Lifetime Allowance Tax which may be due when pension benefits are drawn.

  • I confirm that if the transfer value is over my available Lifetime Allowance, the excess value will be subject to a lifetime allowance charge and I understand that charge will be deducted before any overseas transfer charge is deducted and before the transfer payment is made.

  • Tax charges You should be aware of the Annual Allowance Charge and Lifetime Allowance Charge which can be imposed in prescribed circumstances.

  • Reaching age 75 When you reach age 75, we, in our capacity as scheme administrator, are required by law to conduct a Lifetime Allowance test on your account(s).


More Definitions of Lifetime Allowance

Lifetime Allowance has the meaning given in section 218 of the FA 2004.
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Lifetime Allowance have the meanings given to them under the Finance Xxx 0000.
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Lifetime Allowance means the limit to which the value of all of your pension arrangements can grow without incurring tax charges.
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Lifetime Allowance means the standard lifetime allowance as defined in Section 218 of the FA 2004.
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Lifetime Allowance. – means the amount of tax privileged pension savings that you can build up in all of your pension schemes, before an additional tax
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Lifetime Allowance means the same as in s218 of the Finance Act 2004 (individual's lifetime allowance and standard lifetime allowance);
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Lifetime Allowance means the amount that you can withdraw from your total pension held with all providers without incurring a tax penalty. The current allowance can be obtained from the Money Advice Service (https://www.moneyhelper.org.uk/en/pensions-and-retirement/building- your-retirement-pot/lifetime-allowance-for-pension-savings) and this may change in the future
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