Changes to the lifetime allowance
From 6 April 2024 the lifetime allowance was abolished and new allowances introduced. HM Revenue and Customs announced on 4 April 2024 that some of the legislation needed to make the changes for the new allowances (lump sum allowance and the lump sum and death benefit allowance) isn’t ready. This affects some death benefits, retirements and transfers.
If you think this affects you, we suggest you contact your financial adviser. If you don’t have a financial adviser, please contact us.
Welcome to Royal London
We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services. As a proud, modern mutual we’re able to take a longer-term view. We can focus on delivering positive, enduring change on behalf of our members and customers and their families, helping to protect the standard of living for this and future generations.