It is the time of year to bag your pension protections.
Since A Day (6 April 2006), a lifetime limit has applied to the value of UK tax-privileged benefits that may be taken from pension arrangements. This lifetime allowance applies in respect of benefits paid from all HM Revenue & Customs (HMRC) registered pension arrangements. The amount of the lifetime allowance has varied since it was introduced, and has been maintained at the same level or reduced in successive tax years since the 2011-2012 tax year.
We attach a quick guide briefing, that is a summary of the much longer document on the Document Library.