Pension simplification came into effect from 6th April 2006, one of the policies introduced was the lifetime allowance for all UK pensions. The lifetime allowance is the limit on the amount of pension benefits that can be taken without incurring a tax charge.
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What is the lifetime allowance? Pension simplification came in to effect from 6th April 2006 to rationalise the British tax system in regards to pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions.