The lifetime allowance is being abolished.
The lifetime allowance has been the total amount of pension savings you can take when you retire without having to pay extra tax.
It applies to the money in all your workplace pensions, including our Scheme, and any personal pensions you’ve got – but not your State Pension.
The lifetime allowance is £1,073,100 – but from 6 April 2023 you won’t have to pay extra tax if your pension savings are more than this limit.
The government intends to abolish the lifetime allowance completely from 6 April 2024.