Can I protect my pension pot from the lifetime allowance?

 

Over the last few years, the lifetime allowance has been cut several times (it has been reduced in stages from £1.8m to £1.03m). Every time it has been reduced the government has allowed savers to ‘protect’ their pension at the level of the previous higher allowance if their pension savings were more than the new lower allowance.  However some forms of protection options (eg enhanced protection and fixed protection) have meant that you won’t be able to put any more money into your pension pot.  If you have any queries about the lifetime allowance you should seek advice from a financial adviser.

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