In the Budget on 18 March 2015 it was announced that the lifetime allowance will be reduced from £1.25 million to £1 million from 6 April 2016.


Transitional protection for pension rights already over £1 million will be introduced alongside this reduction to ensure the change is not retrospective. The Government plans to index the lifetime allowance to increase annually by CPI from 6 April 2018.

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Rachel Rawnsley

Rachel Rawnsley

Partner, Head of Pensions
United Kingdom

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Jade Murray

Jade Murray

Partner, Pensions
United Kingdom

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Catherine McAllister

Catherine McAllister

Partner, Pensions
United Kingdom

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Rachel Uttley

Rachel Uttley

Partner, Pensions
United Kingdom

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