Pension lifetime allowance

Gettyimages 675022627
Evelyn Partners
Published: 31 May 2022 Updated: 21 Jun 2022

Book a free appointment with an expert

Get in touch to book an appointment and find out how our experts can help you.

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

Download Free Guide

required fields

Investment risk warning - disclaimer

RISK WARNING
Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Rates of tax are those prevailing at the time and are subject to change without notice. Clients should always seek appropriate advice from their financial adviser before committing funds for investment. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable.