Change in pension allowances
The government applies limits to the amount of tax relief allowed to an individual on savings in a registered pension scheme.
There is an annual allowance (AA) and a lifetime allowance (LTA) which respectively place limits on the amount of tax-relieved pension savings that can be made to registered pension schemes by or on behalf of an individual over a year and over their lifetime.
In the July 2015 Budget, the Chancellor announced changes to both allowances. These follow previous reductions to the level of the AA and LTA available to individuals. Read more about the latest changes here: