Don’t get hit by the pension lifetime allowance

Our pension specialists at Evelyn Partners are experienced at helping people structure their finances in the most tax-efficient way. They can help you manage the pension lifetime allowance.

Make an appointment today to discuss:

• The amount you can save in your pension before you’re hit by this charge
• The different ways to protect your pension lifetime allowance
• The tax you’ll pay if you exceed the lifetime allowance
• How Evelyn Partners can help you manage the lifetime allowance

What is the pension lifetime allowance?

The lifetime allowance is the amount you can hold in all of your pensions over your lifetime. It is currently set at £1.0731 million. It used to be £1.25 million but was reduced, which is why more and more people are caught out by it.

How does the lifetime allowance work?

Your pension is assessed against this allowance when you take benefits, die or reach age 75. Any excess is taxed at 25% on top of income tax if taken as income, or 55% if taken as a lump sum.

• We’re experts in pension planning with a nationwide team of qualified and experienced advisers
• Clients have trusted us to help them with their financial plans for 186 years
• We look after more than £55 billion on behalf of our clients