Changes to the lifetime allowance

From 6 April 2024 the lifetime allowance was abolished and new allowances introduced.

HMRC have announced some delays in the legislation to enact this change.

If you think this affects you, we suggest you contact your financial adviser. If you don’t have a financial adviser, please contact us.

See the new allowances See the new allowances

Changes to the lifetime allowance

From 6 April 2024 the lifetime allowance was abolished and new allowances introduced. HM Revenue and Customs announced on 4 April 2024 that some of the legislation needed to make the changes for the new allowances (lump sum allowance and the lump sum and death benefit allowance) isn’t ready. This affects some death benefits, retirements and transfers.

If you think this affects you, we suggest you contact your financial adviser. If you don’t have a financial adviser, please contact us.

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We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services. As a proud, modern mutual we’re able to take a longer-term view. We can focus on delivering positive, enduring change on behalf of our members and customers and their families, helping to protect the standard of living for this and future generations.

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Regardless of when you choose to retire, there are different options you can take to access your pension savings or unlock the value in your property. Explore what you could do.

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From voting on the way we run our business, to aiming to boost their pension savings through ProfitShare, we want our customers to feel the mutual benefit of being with us.

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Our Cancer Research UK Partnership

We're proud to be working in partnership with Cancer Research UK to help protect people from facing life shocks that could prevent them saving for the future.

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Aegon UK protection customers

Royal London plans to acquire Aegon’s UK individual protection policies. Learn more about what’s happening, what to do and when.

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