Tax limits and your pension

Pensions are a tax efficient method of saving for your future, since pension contributions are generally tax free. There are two key tax limits that you should know about - the annual allowance and the lifetime allowance.

Most scheme members' pension savings will be less than these allowances, but if you do go over either allowance, this may result in a tax charge.

The Local Government Association have produced some useful short videos on both the annual allowance and the lifetime allowance.