Lifetime Allowance abolished | News | Home

The maximum amount that could go into your pension over your lifetime without paying an extra tax charge is called the lifetime allowance. In April 2024 this was abolished.

What this means going forward

When you retire you can choose to take some of your pension (up to 25%) as tax-free cash.

The maximum tax-free cash that you can normally take from all of your pensions is £268,275. Any cash you take after that is likely to be taxed.

There is also a limit on the total tax-free cash lump sums that can be paid from all your pension savings either to you when you retire or retire with serious ill-health, or to your loved ones when you die. For most members this limit is £1,073,100. Any cash taken after that is likely to be taxed.

Have your say and help us improve our service

Have you found this page helpful?

Yes No

Have your say and help us improve our service

How can we improve?

Feedback

Page

Submit

Have your say and help us improve our service

Thanks for your feedback

We’d love to hear more about how you’ve found the new website.

Fill in our 2 minute survey

The aim of this website is to outline the benefits available from the Fund. It does not go into as much detail as the legal document governing the Unilever UK Pension Fund – its 'trust deed and rules'. If there are any differences between the trust deed and rules from time to time in force and this website, the trust deed and rules will apply. Some members’ benefits and options may be subject to certain special arrangements, which are not described on this website. Please check with the Unilever Pensions Team if any special arrangements apply to you.

Unilever UK Pension Fund Trustees Limited is the Trustee of the Fund. Throughout this website, ‘Trustees’ means the Directors of Unilever UK Pension Fund Trustees Limited.

This website does not give any rights to particular levels of contributions or benefits. Unilever reserves the right to end your employer’s participation in any section of the Fund and, with the Trustees’ agreement, to make changes to the Fund.

Anything in this site about legal or tax issues is based on the Trustees’ understanding of these issues at the current date and is a high-level guide only. Legal and tax issues may change from time to time. The Trustees cannot give tax advice in relation to the application of tax rules or legislation and it is each member’s responsibility to take advice on their own tax position.