Practical Law UK Glossary 8-201-6477 (Approx. 7 pages)
Glossary
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 2023/24 tax year, the standard lifetime allowance is fixed at £1,073,100, though some individuals are entitled to a higher lifetime allowance under transitional provisions.