Tax limits

You may be caught by the tax limits that apply to pensions if you:

  • are a high earner
  • have received a promotion
  • have received a large one-off payment that is pensionable
  • are thinking about making large additional voluntary contributions

The limits are called the lifetime allowance (the total value of all pension benefits you can have without having to pay a tax charge) and the annual allowance (the amount your pension savings can increase in any one year). 

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