What is the lifetime allowance?
The lifetime allowance is the maximum amount of money you can save in your pension over your lifetime while still getting tax benefits. The Lifetime Allowance currently stands at £1,073,100. If you save more than this limit, you may have to pay a tax charge on the extra. This tax might apply when you take a lump sum or when you take an income from your pension.
Tax allowances and benefits can be complex and based on individual circumstances. If you are unsure about how any of this information relates to you, please speak to an authorised financial adviser. This information is based on current pension and and tax rules and these may change.
Frequently asked questions
Here are some of the questions pension savers are asking following the Spring Budget Lifetime Allowance changes.
Helping you with retirement planning
Our calculator and guide can help you understand the amount you can put into your pension over time while still receiving tax benefits.
Lifetime Allowance calculator
You can use our calculator to help you assess the current and future position of your pension savings and see if you need to seek advice. You simply need to provide details of your earnings and all your pension contributions, plus any other income you pay tax on.
Once you’ve entered these into the calculator it will display an estimate based on the information you’ve given us.Lifetime Allowance calculator
Download our lifetime allowance guide
Read our lifetime allowance guide to find out how this may affect your retirement planning.Download the guide