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- £1,073,100The lifetime allowance is a limit on the amount people can build up in pension schemes over their lifetime and still receive tax relief. In 2023/24, the standard lifetime allowance for most people is £1,073,1001. The lifetime allowance charge has not been applied on high value pensions since 6 April 20232. The government announced that it would abolish the lifetime allowance at the Spring Budget 2023, and there will be no lifetime allowance charge in tax year 2023/243.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.There is a limit on the amount people can build up in pension schemes over their lifetime and still receive tax relief. In 2023/24, the standard lifetime allowance for most people is £1,073,100. At the Spring Budget 2023, the government announced that it would abolish the lifetime allowance.commonslibrary.parliament.uk/research-briefings/s…The lifetime allowance charge has not been applied on high value pensions since 6 April 2023. However, the legislation to abolish the charge (cl14, Sch. 9, Finance Bill 2023-24) will take effect only from 6 April 2024. The legislation introduces new terminology and calculations to determine how much of a pension can be accessed tax free.www.icaew.com/insights/tax-news/2024/feb-2024/h…There will be no lifetime allowance charge in tax year 2023/24. The lifetime allowance is being abolished from 6 April 2024. A deadline of 5 April 2025 applies for those applying for fixed protection 2016 or individual protection 2016adviser.royallondon.com/technical-central/pensions…
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