What is the pension lifetime allowance?

Article author
Nneka

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.

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.