A limit on the amount of tax relief you’re allowed
You can save as much as you like into a pension, but there is a limit on the amount of tax relief you’re allowed. From 6 April 2014, the Lifetime Allowance for pensions reduced from £1.5m to £1.25m. In essence, the Lifetime Allowance is intended to cap the level of tax advantaged pension funds that an individual can accumulate within their lifetime. Continue reading…