Pension lifetime allowance (LTA) penalty charges surged by 21% in 2019-20 to £342m (2018-19: £283m), according to data released by HMRC.

Over 325,000 people have successfully applied for protection against breaching the Lifetime Allowance, according to a Freedom of Information response.

I seem to spend a lot of my time discussing the lifetime allowance, so when it was announced in Budget 2021 that it would be frozen with immediate effect for the next five tax years I knew this would only increase these conversations.

Leading pensions experts have criticised the Chancellor’s move to freeze the pensions Lifetime Allowance (LTA) at £1,073,100 until April 2026.