The Lifetime Allowance is a limit on the total value of all your pension benefits when you start taking your pension. If you go over this limit, you will generally have to pay a tax charge on the extra.
The standard Lifetime Allowance for the tax year 2017/18 was £1 million. Each April it will rise in line with inflation.
The Lifetime Allowance takes into account all the pension benefits you get from this Scheme and from any others you are in. It doesn’t include your State Pension.
When you start taking your pension, you must tell the Pensions Office the total value of any other pension benefits you have. We will then be able to see if you might be going over the Lifetime Allowance.