The FT reports that pension savers must now apply online to protect retirement funds from tax charges for breaches of the new lower lifetime allowance.
As from April 2016, the allowance fell from £1.25m to £1m.
Last week HMRC launched an online service for savers to lock into a higher lifetime allowance than is currently in place. However, HMRC will now only accept online applications for Fixed Protection; those that are received on paper will be returned.
For more information on how to protect your lifetime allowance, visit gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance
Tax does have to be taxing.
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