Lifetime Allowance definition

Lifetime Allowance means the limit as to the combined total of pension benefits that can be accrued within registered pension schemes without triggering the Lifetime Allowance charge. See further the Key Features Document;

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Lifetime Allowance means the standard Lifetime Allowance as defined in section 218 of the Finance Act 2004.

Lifetime Allowance means the maximum value of pension savings that you can build up without incurring a tax charge at the time you draw out your savings as Cash or pension drawdown (and without leaving a tax charge for your beneficiaries if you die) or by age 75 if earlier. Model Portfolio means a selected group of Investments that are managed by us to achieve a specific financial goal or objective.

Examples of Lifetime Allowance in a sentence

If you are affected by either the Annual Allowance (the value of pension savings you can make each year), or the Lifetime Allowance (the total value of your pension savings), you may be eligible to receive a payment in lieu of the University contributing to a pension scheme.
If you are aged under 75, there is no tax charge on any lump sum payment unless the lump sum is greater than your available Lifetime Allowance and the funds have not been previously tested against this Allowance.
Such Life Cover will be provided under the terms of any arrangement designated by the Employer and notified to the Executive (subject to the proviso that any Life Cover in excess of the Lifetime Allowance applicable to registered pension schemes will be provided by the Employer or through an arrangement other than a registered pension scheme).
Such Life Cover will be provided under the terms of the Lloyds TSB Group Pension Scheme (No.2) (subject to the proviso that any Life Cover in excess of the Lifetime Allowance applicable to registered pension schemes will be provided by the Employer).
For example, checking how much, if any, of the member’s Lifetime Allowance is used up by the transfer.

More Definitions of Lifetime Allowance

Lifetime Allowance means the lifetime allowance described in section 218 of the Act that is appropriate to a member.

Lifetime Allowance has the meaning given in section 218 of the FA 2004.

Lifetime Allowance means the same as in s218 of the Finance Act 2004 (individual's lifetime allowance and standard lifetime allowance);

Lifetime Allowance means the standard Lifetime Allowance as defined in Section 218 of the Finance ▇▇▇ ▇▇▇▇

Lifetime Allowance. – means the amount of tax privileged pension savings that you can build up in all of your pension schemes, before an additional tax

Lifetime Allowance means the limit to which the value of all of your pension arrangements can grow without incurring tax charges.

Lifetime Allowance means the amount that you can withdraw from your total pension held with all providers without incurring a tax penalty. The current allowance can be obtained from the Money Advice Service (https://www.moneyhelper.org.uk/en/pensions-and-retirement/building- your-retirement-pot/lifetime-allowance-for-pension-savings) and this may change in the future