Tax allowances

Maximum pension benefits

HM Revenue and Customs (HMRC) does not restrict the amount you can save into pension arrangements, but it does limit the amount you can save that benefits from tax relief. This limit is called the Annual Allowance (AA).

The tax charge for the Lifetime Allowance (LTA) was removed from April 2023. Please keep in mind that for most people, the amount you can take as your tax-free entitlement will stay at 25% of the value of your Scheme pension, up to a maximum amount of £268,275 (25% of the LTA of £1,073,100).

Please visit the Government’s website for the latest LTA updates.