Is the overall amount of pension benefits you can have without triggering a special tax charge. Benefits built up across all of your registered pension arrangements - not just the Scheme - will count towards this limit. The benefits that count towards the limit will be valued in different ways, depending on the kind of arrangement in which they have been built up and whether or not the benefit is already in payment.
The current Lifetime Allowance is £1 million. Individuals may build up benefits in excess of the Lifetime Allowance but the excess value will be subject to an effective tax charge of 55%.