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Old 1st Jan 2023, 20:54
  #36 (permalink)  
kintyred
 
Join Date: Sep 2006
Location: Pastures new
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”…also as long as your annual pension, multiplied by 20, does not exceed £1,073,100 (including any lump sums) then you won’t need to pay 25% tax on any amount over the £1,073,100.”

So it seems to me that the important sum is that your pension multiplied by the multiplier (currently 20) should not exceed £1,073,100. To my thinking if you reduce the multiplier, you can have a higher pension before you hit the LTA….or have I still got it wrong?
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