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 is £1,073,100.
The Lifetime Allowance is proposed to be abolished from the 24/25 tax year. No Lifetime Allowance charge will be applied in the 23/24 tax year.
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.