Frequently asked questions

The Government approved legislation removing the Pension Lifetime Allowance from 6 April 2024. For most people, it’ll have no impact as three new allowances were introduced to cap tax-free benefits at the same level as the Lifetime Allowance. There are some differences and new jargon was introduced so this document will help answer some of your questions about it.

The questions and answers are based on our understanding of the regulations as at 23 April 2024. Unfortunately, not all the required regulations were ready in time and HMRC are recommending that in some limited circumstances, benefits should not be taken until the regulations have been approved. We strongly recommend that you seek specialist advice if you are in any doubt about the impact of the changes on your benefits.