Update on the Lifetime Allowance

16 Apr 2024

Since 2006, pension savings have been subject to a Lifetime Allowance (LTA), which placed a limit on the overall value you can build up across all your pensions before having to pay additional tax. From 6 April 2024 the LTA was abolished by the Government, with new limits introduced to restrict the level of cash an individual can take from their pension savings tax free. 

Watch our short video which explains these changes and what they may mean for you!