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Tax limits on your pension

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

This is the amount (£60,000 for 2023/24) by which your pension savings can increase in any one year before you have to pay a tax charge.

Read more about Annual Allowance

Lifetime Allowance

This is the total, tax-privileged capital value (£1,073,100 for 2023/24) of all your pension arrangements that you can build up during your lifetime.

Read more about Lifetime Allowance
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