What does lifetime allowance mean on Retirement forms?
A Lifetime Allowance, set by the government, will apply to the total value of pension benefits you can receive from your pension plans. The Lifetime Allowance for the 2010/2011 tax year is £1.8 million. It will then be frozen at £1.8 million for the 2011/2012 tax year through to the 2015/2016 tax year inclusive. This is a Scottish Widows requirement that the Lifetime Allowance (LTA) form must be completed before any pension benefits can be paid out. We can accept this form by post; fax or email (must be PDF format).
