Standard lifetime allowance limits
Accessing Your Pension
Each tax year, the Standard Lifetime Allowance (SLA) may be adjusted by His Majesty’s Treasury.
From the 2018 tax year to the 2021 tax year, the Standard Lifetime Allowance increased each tax year in line with the Consumer Prices Index (CPI). The Consumer Prices Index is a measure that compares the variation in prices for retail goods and services. Changes in the CPI are used to assess price changes associated with the cost of living. It is used to identify periods of inflation and deflation.
It has been announced that, from the 2021 tax year until the 2024 tax year, the Standard Lifetime Allowance will no longer increase in line with the CPI, and will remain at £1,073,100.
The below table outlines the previous SLA allowances:
|Tax Year||Standard Lifetime Allowance|