Lifetime allowance (pension)

vesquiva

Senior Member
España - Español
Hi everybody!

I have to translate a document about a pension from the Armed Forces (Britisn into Spanish). The document descibes that the person is requesting the payment of his deferred service pension and it also states the benefits awarded.

Moreover, it explains that the HMRC applies a limit on the amount of pension savings upon which tax relief will be given known as Lifetime Allowance (LTA).
And it states the used porcentage of the LTA on the benefit.

The term Lifetime allowance (LTA) appears several times on the document and also as title.

I understand that the pension scheme limits the total amount of benefits that a person can receive, but how it can be translated into Spanish.

My attempt is <<monto total de por vida al jubilarse>>. Not sure how the full meaning can be translated.

Any ideas?

Thanks for your help.
 
  • Joe Esquire

    Senior Member
    Spanish Spain- English US
    Hello, Vesquiva;

    The pension LTA is the maximum value of a pension account set by UK tax law, after which amount, distributions will be subject to a tax surcharge (or penalty) of 25% or 55% depending on the type of distribution.

    Now, in Spain, comparatively, pensions are taxed at progressive rates, reaching 40%. There is no threshold amount above which a surcharge or penalty would apply. Thus, it is not a defined term.

    As such, the Pension LTA can be defined conceptually as:

    “Valor maximo de un fondo/cuenta de pension no sujeta a sobretasa de impuestos “

    Saludos,
    je
     
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