Limits on retirement saving

Limits on your overall retirement savings

There is a maximum amount of retirement savings that you can build up over your working life and still enjoy tax advantages. The limit is called the Lifetime Allowance, and is currently £1.055 million as at April 2019. It is set by the Government and may change in the future.

If the total value of all of your retirement savings from the Plan and any other pension plans you have is greater than the Lifetime Allowance you will have to pay tax on the excess.

If you think your benefits are likely to exceed this limit, you should speak to an independent financial adviser.