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Abolition of the lifetime allowance

Here you’ll find articles and useful information about the planned removal of the lifetime allowance from pensions tax legislation from 6 April 2024.

This guide is for financial advisers only. It must not be distributed to, or relied on by, customers. The information on this page is based on our understanding of legislation as at 6 April 2024.

Articles

The lump sum allowance

From 6 April 2024, there will be a new Lump sum allowance (LSA). Read our article on the LSA and how it works.

The lump sum and death benefit allowance

From 6 April 2024, there will be a new Lump sum and death benefit allowance (LSDBA). Read our article on the LSDBA and how it works.

Transitional arrangements

The LSA and LSDBA will be reduced by a variety of benefit crystallisation events that happened before 6 April 2024. This article covers how it works and looks at the new transitional tax-fee amount certificates.

Enhancement of allowances

Find out how lifetime allowance protections affect the new lump sum allowance and lump sum and death benefit allowance.

The Overseas Transfer Allowance

Anyone transferring their pension fund outside the UK will, from 6 April 2024, have to consider a new allowance - the overseas transfer allowance. You can read more about it in this article.

Uncovering the abolition of the Lifetime allowance webinar

Martin Haggart, Technical Development Manager (Pensions) at Aegon lifts the lid on the abolition of the lifetime allowance in this webinar (delivered on 1 March 2024).