Following the Government’s Budget announcement that the pension Lifetime Allowance has been frozen at its current level of £1,073,100 until April 2026, we have received a number of queries about the implications of this, including about the second Lifetime Allowance test at age 75. We have therefore put together the attached guidance note which explains how the Lifetime Allowance works, any protection that is available and any other options for avoiding or reducing an additional tax charge. We hope this will be of help for anyone that may be affected.