Lifetime allowance and benefit options
The main purpose of a pension is to provide an individual with an income when they reach a certain age.
This section provides information on the way benefits can be taken and the limits, protections and allowances that are available to your clients.
Lifetime allowance and annual allowances changes for 2023/24 and from 2024/25
In the Budget on 15 March 2023, the Government announced several changes to the annual allowance, lifetime allowance and tax-free cash. This was followed by the Finance (No.2) Act 2023 which put some of these changes into legislation from 6 April 2023. Other changes announced in the Budget will not take effect until the 2024/25 tax year, and further draft legislation is currently out for consultation on these changes.