Guide: Pension lifetime allowance
Changes to pension rules in recent years mean now could be a good time to revisit your retirement saving plan. One important change which has been overlooked by many savers is the reduction of the pension lifetime allowance from £1.25 million to £1 million and its subsequent increase to £1.0731 million. This means you may need to review your pensions if you are concerned about a potential tax charge.
In this guide:
- How much you can save in your pension before a tax charge
- The different ways to protect your lifetime allowance
- How much tax you have to pay on the excess