Petition · past parliament
Scrap the unfair Lifetime Allowance on pensions
Closed
39 signatures
What the petition asks
The Lifetime Allowance (LTA) is amount of money you can have in your pension pot before you start being taxed at the excess at 55%. The LTA is set at £1 million which would give an annual annuity of approximately £25,00 pa.
After £1 million in the pension pot a 55% tax rate would apply. For those lucky enough to have a defined benefit scheme the limit equates to £50,000. before the 55% tax would apply. The LTA allowance has also been reduced from its initial limit of £1.5 million to £1 million which gives uncertainty to savers
Timeline
| 19 Aug 2015 | Petition opened for signatures |
| 19 Feb 2016 | Closed to new signatures |
Key facts
Signatures
39
Status
Closed
Opened
19 Aug 2015
Closed
19 Feb 2016
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Source: the official petition page. Last checked 15 Jul 2026.