What is the lifetime allowance?

The lifetime allowance refers to the total amount you can build up in pension benefits over your lifetime that will enjoy the full tax benefits. Find out how to work out your lifetime allowance and what could happen if you exceed it.

Click below to find out more about how the lifetime allowance works, how to protect yourself against lifetime allowance charges and how to get further help.

Video transcript - What is the lifetime allowance?

Important information

The value of investments and the income from them 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. Withdrawals from a pension product will not normally be possible until you reach age 55. 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 an authorised financial adviser.