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GLOSSARY

Individual's lifetime allowance definition

Published by a LexisNexis Pensions expert

What does Individual's lifetime allowance mean?

From a-day tax relief on pension savings is subject to a lifetime allowance and an annual allowance. An individual's lifetime allowance is usually the standard lifetime allowance; however, subject to certain conditions, an individual may apply for this to be enhanced.

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The lifetime allowance before 6 April 2024 [Archived]

ARCHIVED: This archived Practice Note provides information on the operation of the lifetime allowance regime before its abolition on 6 April 2024. It is not maintained. For further information, see Practice Note: Abolition of the lifetime allowance.The basic principle underpinning the pensions tax regime is that members of registered pension schemes enjoy:•various tax advantages while accruing retirement and life assurance benefits, and•certain tax advantages when particular benefits are paid from a registered pension scheme (eg the tax-free pension commencement lump sum)In exchange, and if tax charges are to be avoided, a registered pension scheme must comply with various restrictions as regards the:•accrual of benefits•payment of contributions, and•payment of benefitsUntil 5 April 2024, one of the key restrictions imposed on the accrual of members’ benefits under the pensions tax regime was the lifetime allowance, which capped the amount of benefits that could be saved and drawn by and in respect of an individual from their registered pension schemes without triggering tax charges.As mentioned above, with effect from 6 April 2024, the...

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