Pensions lifetime allowance

Are you caught by the pensions lifetime allowance cut?

April 2016 saw the pension lifetime allowance (LTA) cut, for the third time in 4 years, from £1.25M to £1M. The LTA is now lower than when it was introduced in 2006 and will only increase each year in line with inflation starting from 6 April 2018.

The lifetime allowance is important because it sets the maximum amount of pension saving you can build up over your life, that benefits from tax relief.

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