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

  • 25th March 2015

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.

Who writes this?

Kevin Walker

Kevin Walker

Director & NHS Pension Specialist / Financial Adviser
Find out more about Kevin
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    Practice Manager
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    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

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    Benfield Park Medical Group, Newcastle
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    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

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    Westbourne Medical Group, Sunderland
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