LTA/LSA Calculator

What is the lifetime allowance % used as a lump sum allowance amount taken?

From 6 April 2024, the lifetime allowance has been removed. However, this doesn’t mean there are no limits on the amount of pension savings people can take without a tax charge; the lifetime allowance is being replaced by new allowances.  
 
The new lump sum allowance (LSA) limits the amount of tax-free cash people can access from their pension plans. Normally 25% of the benefits taken can be paid tax-free, with an overall maximum limit of £268,275.  
 
If transferring overseas, or in the event of death other allowances may apply.
 
Previously, the lifetime allowance used was displayed as an overall percentage of the limit.  
 
Now, the amount of lump sum allowance and lump sum and death benefit allowance will be shown as a monetary value.  
 
Use our handy calculator (.xlsm) to convert a percentage of lifetime allowance used into a monetary value of lump sum allowance and lump sum and death benefit allowance used.  

If this isn't what you're looking for, we also have other pension tools which could be helpful.

Disclaimer

By using the calculator, I confirm that:

1. The information I have provided is correct to the best of my knowledge
2. I have read the information provided on the Royal London website about the changes to the lifetime allowance and the introduction of the new pension allowances and understand it is my responsibility to interpret the changes to the rules
3. I accept that the calculator is a conversion tool created by Royal London and is for adviser use only
4. Royal London accepts no liability for use of the calculator and any actions or decisions taken based on the calculator output.