The Lifetime Allowance (the limit of the amount of pension fund which can be accumulated in the UK without incurring an excess charge) is currently £1,073,100. What is not widely understood is that if the allowance is breached in terms of accumulation, no excess charge is incurred until the fund is fully ‘crystallised’ by making plans to eat into the excess, or if the fund has not previously been tested before age 75 and then is found to be more than the allowance.

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