A reader is wondering whether they should convert their pension into an annuity
. The lifetime allowance remains in place for the 2023/24 tax year and is set at £1,073,100, although some people holding what is known as lifetime allowance ‘protection’ may be entitled to more than this amount. These protections were made available when the lifetime allowance was first introduced in 2006, with new protections created each time the lifetime allowance was lowered.
Your maximum tax-free cash entitlement is capped at 25 per cent of however much lifetime allowance you’ve got left. For example, if you haven’t used any lifetime allowance, your maximum lump sum will be £268,275 . The government has said it intends to limit the tax-free cash entitlement to £268,275 from April 2024 onwards.In terms of how the rules will function from April 2024, we’re still waiting for confirmation from government.
In reality, we simply do not know what Sir Keir Starmer’s party would actually do if they entered office. Indeed, we don’t even know for sure if they will win the election outright!
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