The Lifetime Allowance (“LTA”) is a limit on the total value of pension benefits you can build up throughout your lifetime without getting a tax charge. Exceeding this limit will create a tax charge on certain trigger events.

If you are building the value of your pensions, you should be aware of the LTA, how it works, whether or when it may impact you, what happens if it does, and how you can plan to mitigate or work around the allowance