The lifetime allowance (LTA) is the overall amount of pension savings that you can have at retirement without incurring a lifetime allowance tax charge.
The lifetime allowance was first introduced in April 2006 and has been subject to substantial change in recent years.
The standard lifetime allowance in tax year 2020/21 is £1,073,100.
It is crucial to get expert professional advice on pensions as the rules can be complicated. Why not contact us today and find out how our expert advice can help you plan for your retirement with confidence. We offer a free initial consultation on a no obligation basis.
Our Scottish base in Glasgow is no barrier to advising on pensions across the UK.
A pension is a long term investment. The fund value can fluctuate and go down. All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.