From 06 April 2024 there will be some changes to the lifetime allowance.

The Government is planning to make significant changes to pensions tax from 6 April 2024, particularly in relation to the lifetime allowance (which, broadly speaking, limits the amount of pension benefits and savings you can receive before you pay extra tax). 

These changes may affect the way you take your benefits from the Scheme (and any other pension schemes that you have) and the amount of tax you will pay.  If you think these changes may affect you, we recommend you consider taking independent financial advice.