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What is the pension lifetime allowance?

Article author
Nneka
  • May 22, 2022 23:19

The lifetime allowance is a limit on the amount of pension benefit that can be drawn from pension schemes – whether lump sums or retirement income and can be paid without triggering an extra tax charge. You usually pay tax if your pension pots are worth more than the lifetime allowance. For the tax year 2021/21 the lifetime allowance is £1,073,100.

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