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The lifetime allowance

Although saving into your pension scheme is a tax-efficient way to save, there is a limit on the total income you can receive from your pensions without having to pay tax other than Income Tax. 

This limit is called the lifetime allowance. It is set by Government and reviewed regularly. It is set at a high level, so it is unlikely that you will be affected by the lifetime allowance. Your scheme or provider will tell you whether or not you are likely to be affected. 

The lifetime allowance since April 2006:
2006/07 - £1.50m
2007/08 - £1.60m
2008/09 - £1.65m
2009/10 - £1.75m
2010/11 - £1.80m
2011/12 - £1.80m
2012/13 - £1.50m
2013/14 - £1.50m
2014/15 - £1.25m

Click here to read our spotlight on the lifetime allowance

Click here to visit the HMRC website to find out more about the lifetime allowance

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