.png)
.png)
The taxpayer an actuary retired in 1992 and took up his occupational pension which was worth £113 743 a year.
Two years later he began paying contributions into a pension plan with Standard Life and in 2010 decided he should take his benefits from the policy which was then valued at about £118 000.
At this point he became aware of the lifetime allowance charge and submitted a claim for protection of existing pension rights in September 2010 but this was 17 months after the deadline for such claims.
The taxpayer argued he did not know about the changes to pension taxation because he was retired and did not have a financial adviser.
He said he had no reasonable way of finding out about the lifetime allowance charge and...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
