Introduced by the Finance Act 2004, but repealed from the start of the 2024/25 tax year, a tax charge arising in respect of a member of a registered pension scheme whose pension saving exceeded the lifetime allowance. The lifetime allowance charge was set at 55% of the excess over the lifetime allowance if drawn as a lump sum and 25% of the excess if drawn as a pension. The scheme administrator and member were jointly liable for payment.