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About your workplace pension

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Home Grow & manage your pension Pension allowances and tax Lifetime allowance

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.

What happens to tax-free cash?
What if I have a protected Lifetime Allowance and tax-free cash?

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.

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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
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This information is not a personal recommendation for any particular investment, you are responsible for deciding whether an investment is suitable for you. In doing so, please remember that past performance is not a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. You should regularly review your investment objectives and choices and if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser.
 

This website is issued by FIL Life Insurance Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. 3406905, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.

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