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UK pension "Standard Lifetime Allowance"

UK pension "Standard Lifetime Allowance"

Old Dec 23rd 2019, 8:30 pm
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Default UK pension "Standard Lifetime Allowance"

I have been receiving monthly payments from a private uk pension for 2 years. I just received a letter from the pension provider saying i have used up 16% of the Standard Lifetime Allowance. The allowance for 2019/2020 is 1.055 million pounds. Can someone please explain how the percentage used is calculated as mine seems very high.
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Old Dec 26th 2019, 8:49 am
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Default Re: UK pension "Standard Lifetime Allowance"

Originally Posted by Cheltonian View Post
I have been receiving monthly payments from a private uk pension for 2 years. I just received a letter from the pension provider saying i have used up 16% of the Standard Lifetime Allowance. The allowance for 2019/2020 is 1.055 million pounds. Can someone please explain how the percentage used is calculated as mine seems very high.

Hi
Just a thought does it include life insurance as part of the policy ?
this might eat up the fund
cheers J
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Old Dec 27th 2019, 6:53 pm
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Default Re: UK pension "Standard Lifetime Allowance"

No there is no life insurance involved. Am i correct in saying that the percentage is calculated as. The total value of the pension pot plus any payments (including lump sum payments) received. then calculated as a % of the 2019/1020 allowance.
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Old Dec 28th 2019, 5:21 am
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Default Re: UK pension "Standard Lifetime Allowance"

https://www.moneyadviceservice.org.u...ension-savings
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Old Dec 28th 2019, 5:17 pm
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Thumbs up Re: UK pension "Standard Lifetime Allowance"

Thank you very much, everything i needed to know was on that website.
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