Overview
The level of the standard lifetime allowance has changed over the years and the table at PTM081000 sets out the level of the lifetime allowance for tax years 2006-07 onwards. Since the lifetime allowance was introduced a number of measures have been made available that enable members to take pension benefits of more than the standard lifetime allowance and either pay no lifetime allowance charge or have a reduced charge. These measures are known as lifetime allowance protections.
Types of protection
There are a number of different forms of lifetime allowance protections which might apply, which are set out below.