On 6 April 2014 the lifetime allowance for pensions will drop yet again, this time to £1.25m. Savers who have an aggregate pension fund that is approaching the £1.25million mark need to act now to preserve the previous lifetime allowance of £1.5million or risk wholly avoidable punitive tax charges. By opting for fixed protection 2014 before April it is estimated an individual could save up to £137,500 in tax on excess pension funds between £1.25m and £1.5m.
