Limits on your pension

Current legislation limits the amount of money you can save in registered pension arrangements. The limits are applied to both how much you pay each year (the Annual Allowance) and how much your total pension savings are valued at (the Lifetime Allowance). If you exceed either of these limits you may be liable to additional tax.

The current Annual Allowance is £40,000 and the current Lifetime Allowance is £1 million.