I've had some great advice from this forum and told a friend how TW experts helped me.
My friend is looking for some advice before starting the process of separating from his wife of nearly 30 years. This is a mutual separation and they have discussed assets being divided equally.
The question is around his pension and life time allowance.
He is 53 his pension pot is currently valued around £1.3M he is registered for £1.5M LTA and stopped paying into his pension.
His wife is 48 her pension pot is currently valued around £300K and she continues to contribute.
They have agreed that he will give her £500K from his so they both have £800K.
Questions
1. What happens to his LTA is the £1.5M revised down to reflect the transfer. Does his wife again a proportion of his LTA?
2. Can the LTA to be removed so that he can resume paying into his pension?
3. How do the pension providers deal with the transfer will it be kept in a pension wrapper?
Any help much appreciated
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