Greater Manchester Pension Fund Logo
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
V
W

Lifetime allowance – what is it?

The lifetime allowance is the total amount that you can build up from all your pension savings in your lifetime without incurring a tax charge.

This includes:

  • Your benefits in the Local Government Pension Scheme (LGPS), and
  • Any pension benefits you may have in other tax-registered pension arrangements.

But it does not include:

  • State pensions and dependant's pensions.
  • The table below shows the standard lifetime allowance amount:
The lifetime allowance amounts for the current and previous years.
Tax year Lifetime allowance
2011/12 £1.8 million
2012/13 £1.5 million
2013/14 £1.5 million
2014/15 £1.25 million
2015/16 £1.25 million
2016/17 £1 million
2017/18 £1 million
2018/19 £1.03 million

From 2018/19 the lifetime allowance will be increased in line with inflation.

Back to lifetime allowance homepage

Press the escape key to close pop up