Lifetime allowance breaches cost savers £185m in 2017/18

James Phillips
clock • 2 min read

More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).

In data published today (26 September), the tax office revealed these savers had paid around £185m in charges as a result of the breach, up 29% from 2016/17. Meanwhile, a further 37,300 members ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Industry

90% of pension providers expect to meet dashboard connection deadlines, PDP finds

90% of pension providers expect to meet dashboard connection deadlines, PDP finds

Majority of FCA-regulated providers are confident of meeting requirements

Holly Roach
clock 23 April 2025 • 1 min read
Rising Star Awards 2025: Nominations open!

Rising Star Awards 2025: Nominations open!

Recognising and celebrating the pension industry’s rising stars

Professional Pensions
clock 23 April 2025 • 2 min read
News Digest: Minister declares Civil Service Pension Scheme delays 'sorted'

News Digest: Minister declares Civil Service Pension Scheme delays 'sorted'

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 23 April 2025 • 1 min read
Trustpilot