Going Over Lifetime Pension Allowance

WSB

Have heard talk about the lifetime pension allowance stating the maximum pot you can build up over a lifetime but was wondering a couple of things:

1. What are the negative (or even positive) impacts of going over this allowance?

2. If you go over this allowance prior to retirement whilst still working, what can you do to save on tax etc?

Thanks 

MovingForwards

WSB said:

Have heard talk about the lifetime pension allowance stating the maximum pot you can build up over a lifetime but was wondering a couple of things:

1. What are the negative (or even positive) impacts of going over this allowance?

2. If you go over this allowance prior to retirement whilst still working, what can you do to save on tax etc?

Thanks 

It's not shopping, but pension, ask on the pension board :

https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning

MSE_Laura_F

I've moved this to the Pensions board. I hope you receive some useful answers, @WSB

MSE Laura F

MallyGirl

There are quite a few threads on this. It is not a maximum, it is a taxation related amount.
I started this one:
https://forums.moneysavingexpert.com/discussion/6294316/lta-basics/p1

Albermarle

WSB said:

Have heard talk about the lifetime pension allowance stating the maximum pot you can build up over a lifetime but was wondering a couple of things:

1. What are the negative (or even positive) impacts of going over this allowance?

2. If you go over this allowance prior to retirement whilst still working, what can you do to save on tax etc?

Thanks 

It only applies when you take/crystallise a pension ( or reach age 75), not just by the fact that you have accumulated it.
It is quite a complicated subject so some background reading.
Pension Lifetime Allowance (LTA) | How it Works | Fidelity
Benefit crystallisation events and the lifetime allowance charge - Royal London for advisers