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Lifetime Allowance (LTA) £1MILLION - WOW! But let's look at the detail...

The new LTA subject to the ELECTION is not retrospective so if you have already applied for FP14 or IP14, these are still valid. The new limit is from April 2016 and will be indexed in line with CPI.

If the Government hits its CPI target of 2% then it takes 11-12 years to get back to £1.25m and 20- 21 years to get back to £1.5m. You will still have from April 2014, three years to apply for IP14 if you were above £1.25m.

The Government have also stated that transitional protection will be available as previously. So what do we expect then?

Fixed Protection 16
You retain a limit of £1.25m but you can’t stay in and have benefit accrual which means you can’t have benefits going up faster than inflation so most people will fail this test.

Individual Protection 16
You can protect your personal limit as at the 05/04/16 but to do this you need to be above £1m and up to a maximum of £1.25m and this will be your limit against which you will be tested.

The vast majority of GPs and senior consultants who work full time will have a problem with the LTA and they need advice.

To arrange a consultation with one of our independent financial advisers and NHS Pension specialists, email or call 0191 500 6930.  We act for medical professionals throughout England.

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