19 Standard lifetime allowance from 2016–17
Finance Act 2016 (2016 c 24) | Legislation

Pensions

19  Standard lifetime allowance from 2016–17

(1)     Section 218 of FA 2004 (pension schemes etc: lifetime allowance) is amended in accordance with subsections (2) to (5).

(2)     For subsections (2) and (3) (standard lifetime allowance is £1,250,000 but may be increased by Treasury order) substitute—

“(2)     The standard lifetime allowance for the tax years 2016–17 and 2017–18 is £1,000,000.

(2A)     The standard lifetime allowance for any later tax year (“the subsequent tax year”) is the same as the standard lifetime allowance for the tax year immediately preceding the subsequent tax year, unless subsection (2C) provides for it to be higher.

(2B)     Subsection (2C) applies if—

(a)     the consumer prices index for the month of September in any tax year (“the prior tax year”) is higher than it was for the previous September, and

(b)     the prior tax year is the tax year 2017–18 or a later tax year.

(2C)     The standard lifetime allowance for the tax year following the prior tax year is the standard lifetime allowance for the prior tax year—

(a)     increased by the percentage increase in the index, and

(b)     if the result is not a multiple of £100, rounded up to the

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