Lifetime allowance

The total amount of pension saving by an individual within a registered pension scheme ( that receives favourable tax treatment. The lifetime allowance was introduced by the Finance Act 2004. For the 2016/17 tax year, the standard lifetime allowance is set at £1 million. For members with pension rights that accrued before 6 April 2006, transitional protection against a lifetime allowance charge ( was available in the form of primary protection ( or enhanced protection (, but members had to register for this before 6 April 2009. The lifetime allowance has been reduced on three occasions in recent years and further forms of transitional protection are available for individuals adversely affected by the reduction.

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