News updates
Pensions are constantly evolving and there may be changes that affect your membership, so it’s important to keep up to date with what’s happening.
19 Aug 2019
Lifetime Allowance increase for 2019/20
The Lifetime Allowance (LTA) increased to £1,055,000 from 6 April 2019.
The LTA is the limit on the amount of pension savings you can make during your lifetime from all your pension arrangements added together (excluding the State Pension) before you pay extra tax.
The LTA is currently increasing each year in line with inflation. The latest increase, from £1,030,000 to £1,055,000, reflects the level of CPI inflation in September 2018.
The Annual Allowance (the maximum you can save into your pension pots each year with tax relief) will stay the same for the 2019/20 tax year at £40,000. However, a lower limit may apply if either the Tapered Annual Allowance or the Money Purchase Annual Allowance applies to you.
You can learn more about the Lifetime Allowance, Annual Allowance, Tapered Annual Allowance and Money Purchase Annual Allowance at www.gov.uk/tax-on-your-private-pension
The LTA is the limit on the amount of pension savings you can make during your lifetime from all your pension arrangements added together (excluding the State Pension) before you pay extra tax.
The LTA is currently increasing each year in line with inflation. The latest increase, from £1,030,000 to £1,055,000, reflects the level of CPI inflation in September 2018.
The Annual Allowance (the maximum you can save into your pension pots each year with tax relief) will stay the same for the 2019/20 tax year at £40,000. However, a lower limit may apply if either the Tapered Annual Allowance or the Money Purchase Annual Allowance applies to you.
You can learn more about the Lifetime Allowance, Annual Allowance, Tapered Annual Allowance and Money Purchase Annual Allowance at www.gov.uk/tax-on-your-private-pension
News Archive
Did you know..?
You can find out more about the latest developments affecting your Scheme pension in your member newsletter.
