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- £1,073,100The pension lifetime allowance is the maximum amount of pension savings that you can build up without paying extra tax. For the tax year 2023/24, the standard lifetime allowance is £1,073,100123. However, the government has abolished the lifetime allowance charge from 6 April 2023, meaning that you can have pension savings above the lifetime allowance without paying any extra tax123.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The lifetime allowance for most people is £1,073,100 in the tax year 2023/24. In previous years, you would have paid a lifetime allowance charge on any pensions savings over this amount. But from 6 April 2023 that charge has been removed.www.moneyhelper.org.uk/en/pensions-and-retirem…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. It started this process by removing the tax charge for exceeding the lifetime allowance from 6 April 2023.commonslibrary.parliament.uk/research-briefings/s…The standard LTA for 2023/24 is £1,073,100. This doesn't stop anyone building up funds or benefits greater than the LTA, and taking those 'excess' funds will no longer incur the LTA tax charge, though any funds above the LTA won't generate any tax free cash.techzone.abrdn.com/anon/public/pensions/Guide-p…
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