What is Lifetime Allowance (LTA)?
There’s also the Lifetime Allowance (LTA), which is the maximum you can have in all your pensions without paying extra tax. For most people, from 6th April 2015 the LTA is £1.25m. In the 2015 Budget it was announced that the Lifetime Allowance will reduce from £1.25m to £1m from April 2016. This will then be index linked (CPI) from April 2018.