Find out if you protected your pension and forgot!

Why is this important?

This effects the amount of tax free cash you can withdraw from your pension and this is now more important than ever due to the change in the way pensions are treated for Inheritance Tax.

This can be viewed from your individual government gateway account using the link below.

You will of course need your user ID and password, and when logged in HMRC will usually send a confirmation code by text message to allow you to proceed.

If you do not have a personal government gateway account, the instructions needed to sign in and create an account may also be found on this link.

Once your gateway account has been created

1 – Follow the link below:-

https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance

2 – Scroll approximately one third of the way down and you will see the following section:

3 – Click on the blue link and login with your gateway details. The next screen you see will be the pension protection page.

If you have protected your pension it is worth saving a copy of the confirmation and forwarding it on to us for future tax planning purposes.

If you have not protected your pension, there is still an opportunity to do so before 5 April 2025 up to £1.25 million. If you would like to discuss whether this is available to you, please contact Susan Wooding on 023 8046 1214 or email Susan Wooding.