This means that amount can be transferred into a QROPS without a tax charge
Any transfer value over that amount becomes subject to a tax charge of 25% on the excess over the LTA unless the individual has a Certificate of Protection which allows a higher value to be transferred without a tax charge being applied
UK Pension Fund Assets
What happens from April 2014?
The LTA reduces to £1.25M
Therefore any individual UK Pension Fund Assets transferring a fund in excess of this amount will have a tax charge imposed on the excess over £1.25M rather than on £1.5M as happens now