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Pension lifetime allowance

Pension lifetime allowance

There’s a limit on the total value of pension benefits you can build up throughout your lifetime without getting a tax charge. This limit is known as the lifetime allowance. It's now £1,055,000.

This factsheet is not personal advice, but explains:

  • What the lifetime allowance is and when it applies
  • How to calculate if it could affect you
  • The different types of protection against the lifetime allowance

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    This factsheet isn’t personal advice. Pension and tax rules can change, and any benefits will depend on your circumstances. What you decide to do with your pension is an important decision, and if you’re unsure you should seek advice.

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    The risks of saving over £1 million in your pension, and what you can do to reduce the tax sting

    There’s a limit on the total value of pension benefits you can build up throughout your lifetime without getting a tax charge. This limit is known as the lifetime allowance. It’s now £1,055,000.

    This factsheet explains:

    • What the lifetime allowance is and when it applies
    • How to calculate how close you are to the limit
    • What you can do to protect yourself from the lifetime allowance tax charge

    This factsheet isn’t personal advice. Pension and tax rules can change, and any benefits will depend on your circumstances. What you decide to do with your pension is an important decision, and if you’re unsure you should seek advice.

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