The lifetime allowance will fall to £1 million on 6 April 2016
The lifetime allowance is the maximum value of your pensions before a tax charge is levied. It's measured against the total value of all your pensions when you take benefits or reach age 75, whichever is sooner.
If you think your pensions, now or in the future, might be worth more than £1 million, you may be able to apply for protection to give you a higher lifetime allowance. We expect further details to be announced later this year.
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