Autumn Statement 2017: Lifetime pension allowance

The current lifetime allowance on your pension savings falls at £1,000,000.

The aim to increase this allowance was first mentioned in 2015 and has now been confirmed in the Autumn budget 2017. The increase is in line with the Consumer Price Index. For the 2018/19 tax year, the allowance will be £1,030,000.

If a taxpayer exceeds this lifetime allowance, the tax will be deducted before receiving their pension.