Lifetime contribution

Lifetime pension contributions are the total amount of money people pay into their pension plans over their working life.

From April 6th 2006, if people contribute more than a specified amount (initially £1.5 million), then any income from that pension fund will be taxed at up to 55 per cent.

In the state scheme, lifetime contributions determine how much of the basic state pension and the state second pension (previously called the state earnings related pensions scheme, or Serps) a person can receive when they reach retirement age

	Public sector pension contribution increases may be modified Public sector pension contribution increases for some workers could be halted after the first year if the unions and the government can find the budgeted savings from other parts of their schemes.
	Buying beats renting by almost £200,000 over lifetime Owning your home instead of renting accommodation could save you as much as £194,000 over a 50 year period, a new study suggests.
	LV= cuts rate on its lifetime and flexible lifetime mortgages LV= has announced that it will cut the rates on their lifetime and flexible lifetime mortgages for the second time this year as a result in a fall in the wholesale rates.
	LV= cuts rates on lifetime mortgages An interest rate cut has been announced for the lifetime mortgages offered by equity specialist LV=.
	The Co-operative Bank launches lifetime tracker mortgages The Co-operative Bank is set to introduce a new range of lifetime tracker mortgages tomorrow, in addition to reducing rates across its wider home loan range.