Managing Your Money 

How to manage the lifetime allowance

How to manage the lifetime allowance

Pensions are always in the firing line when it comes to tax grabs, with regular adjustments to the allowances, tapers and rates that control the exact amount of tax relief we all get. These include the lifetime allowance (LTA) – the amount you can build up in your pension pot over your lifetime before having to pay a penalty tax – which has been cut over the years from a high of £1.8m to just over £1.073m for the 2020-21 tax year.  

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