There are limits on the pension savings that you can make before you become subject to a tax charge. A pension savings tax charge is over and above any tax that may be due under the PAYE system.
Annual Allowance for Deferred Members
This is the amount by which your pension savings can increase in any one year before you have to pay a tax charge.
Lump Sum Allowances for Deferred Members
The information below may be subject to change as HMRC has indicated that there may be further legislation required on various areas. Unfortunately, this means that there remains some uncertainty about certain aspects of the new regime. From 6 April 2024 two new allowances were introduced to control tax relief on lump sum payments from pension […]
Lifetime Allowance to 6 April 2024
This was the total, tax-privileged capital value (£1,073,100 for 2023/24) of all your pension arrangements that you could build up during your lifetime, up to 5 April 2024.