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Pension Lifetime Allowance

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Planning for the UK Pension Lifetime Allowance

Our free guide to the lifetime allowance contains technical information as well as planning tips and ideas to avoid hefty retirement taxes. If your total pension savings are worth in excess of £750,000 you should consider planning now. 

The pension lifetime allowance (LTA) was first introduced in 2006

There is no limit on the amount of UK pension savings an individual can hold. The lifetime allowance restricts the amount of tax relief you can get on your savings.

LTA tax is applied on high pension wealth, and doesn’t affect most people with modest retirement plans. UK taxpayers who contribute to pensions still gain good tax benefits. Savings to pensions gain tax relief and grow tax-free. The lifetime allowance acts as a limit to pension tax benefits. 

What to do if you think your pension funds could be affected by the lifetime allowance limit:

  • Assess your eligibility for lifetime allowance protection

  • Plan your income withdrawals

  • Use other investments for future retirement savings

  • Consider your expected income tax position in retirement

  • Talk to an expert

The lifetime allowance has become a key tax for the UK government, and is now regularly reviewed with the UK budget. 

There are options available to those with funds approaching, or in breach of the lifetime allowance. It is important to seek professional, regulated financial advice before making any changes to your pensions. 

Read our recent article – 5 planning ideas to safely avoid the lifetime allowance.

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