At a glance (1992/2006 schemes)

Life Time Allowance

The tax rules that apply to pension schemes changed from 6 April 2006.  From this date, everyone has a Life Time Allowance (LTA) which is the maximum amount of pension savings you can have from all sources (excluding any state pensions), without paying additional tax charges.

If you build up pension savings worth more than the LTA you’ll pay a tax charge on the excess, although most people benefits will be below the maximum amount.

Life Time Allowance explained

Changes to Lifetime allowance from April 2016 and Protections