Pension Lifetime Allowance

Protecting your pension from a tax charge

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 £1.0731 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

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