Lifetime allowance guide
Find out more about how the lifetime allowance could affect you.
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Important information - please remember that the value of investments can go down as well as up, so you may get back less than you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. You cannot normally access your pension until age 55 (57 from 2028).
If the value of your pensions is close to £1,073,100, or likely to reach this by the time you retire, then you need to know about the lifetime allowance.
The lifetime allowance is set by the government and limits the total amount you can build up in pension benefits over your lifetime while still enjoying the full tax benefits.
However, it does not include your State pension.
You could be taxed if your pension exceeds the lifetime allowance when it is tested. It’s important to understand exactly how and when the test is applied, and what is included.
Find out more about how the lifetime allowance could affect you.
Download the lifetime allowance guideIf you’re getting close to the pension lifetime allowance, there are things you can do to safeguard your money. These are known as ‘protection’ and they effectively give you your own lifetime allowance, but there are restrictions as well.
If you’re running out of allowances for your pension, an ISA could be an appealing tax-efficient alternative. Our ISA has a low service fee and an extensive range of investments to choose from.
Explore our ISAIf you’ve used up your ISA allowance as well, you don’t have to stop investing. You can put as much as you want in our investment accounts – with the same low service fee and great choice as our Stocks and Shares ISA and SIPP.
Explore our Investment AccountTalk to someone about your retirement options in more detail
Close to retirement but unsure about the options and pitfalls ahead? We can offer advice to help you find the best solution for your retirement. Call us on 0800 368 6882, Monday to Friday, 9am - 5pm.
Fidelity’s retirement serviceWe also recommend the Government's Pension Wise service which offers free impartial guidance to help you understand your options at retirement. You can access the guidance online at: moneyhelper.org.uk or call them on 0800 011 3797.
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Important information - This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.
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