Removal of the Lifetime Allowance


As announced by the Chancellor in the 2023 budget, the Lifetime Allowance (the amount of pension savings you can build up over your lifetime without incurring a tax charge) will be abolished from 6 April 2024.

For further information, see the ‘Charges and taxes if you exceed the lifetime allowance’ section at MoneyHelper or for more detail, see

You can expect further updates to over the coming weeks.

If you think you might be affected by the removal of the Lifetime Allowance, you should seek independent financial advice. You may be able to get free financial advice, paid for by the Trustee or to find your own adviser, go to MoneyHelper.