Pension Lifetime Allowance

Changes to pension rules in recent years mean now could be a good time to revisit your retirement saving plan. One important change which has been overlooked by many savers is the reduction of the pension lifetime allowance from £1.25 million to £1 million and its subsequent increase to £1.055 million. This means you may need to review your pensions if you are concerned about a potential tax charge.

In this guide:

• How much you can save in your pension before a tax charge
• The different ways to protect your lifetime allowance
• How much tax you have to pay on the excess