This briefing highlights the key changes to the annual allowance (AA) and lifetime allowance (LTA) that came into force from 6 April 2016 and 6 April 2020.
On 6 April 2014 the AA reduced to £40,000 and on 6 April 2016 it was again reduced for high earners, with further changes from 6 April 2020.
The maximum level of benefits that an individual can draw from all registered pension schemes without incurring tax charges reduced to £1.25m from 6 April 2014 and reduced again from 6 April 2016 to £1m. The LTA has been increasing in line with CPI from 6 April 2018 when it was increased to £1.03m, then increased to £1.055m from 6 April 2019 and to £1,073,100 from 6 April 2020.
Download the briefing to find out more.