When you make your pension contributions through your salary, you get tax relief on those contributions.
His Majesty's Revenue and Customs (HMRC) imposes some controls on the amount of pension savings you can make without having to pay extra tax.
The amount of pension savings that can be paid each tax year
The amount of lump sum you can receive tax-free
Lifetime Allowance (LTA)
From 6 April 2024 the Lifetime Allowance (LTA) is fully abolished so there is no longer a specific limit on the pension savings an individual can build up in their lifetime.
If you have any questions in relation to how these limits can affect you, please contact us.
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