Pensions are often one of the largest assets in a divorce case and many clients’ pension funds exceed the current Life Time Pension Allowance.
The Lifetime Allowance (LTA) is the overall limit of tax privileged pension funds a member can accrue during their lifetime, before a Lifetime Allowance tax charge applies. The standard LTA is currently £1,055,000 (2019-2020).
On divorce or separation, it is important that you take expert financial advice concerning your pension funds, as well as legal advice.
At Blaser Mills Law we work with a number of pension specialists when considering how best to deal with pension assets on divorce. Here, one of those experts, Phil Harper of FM Financial provides clarity on certain myths surrounding the LTA. Click HERE find out more.
If you require advice on divorce and financial matters, please contact Lucinda Holliday on 01494 478 603 or at firstname.lastname@example.org.