Lifetime Allowance Factsheet 2022

Local Government Pension Scheme (L G P S) factsheet Pensions taxation: Lifetime allowance

HM Revenue and Customs (HMRC) imposes two controls on the amount of pension savings you can make without having to pay extra tax. These controls are known as the annual allowance and lifetime allowance. This is in addition to any income tax you pay on your pension once it is being paid to you.

This factsheet looks at the lifetime allowance (L T A) which is the total value of all pension benefits you can have without triggering an excess benefits tax charge.