You can use this tool to estimate how much of the standard lifetime allowance your LGPS pension savings will use. The lifetime allowance is the total value of all pension benefits you can have without having to pay extra tax.
Each time you take payment of a pension, you use up a percentage of the lifetime allowance. The lifetime allowance is set by the Government and is currently £1,073,100. It covers pensions in all tax-registered pension schemes – not just the LGPS. However, it does not cover the state pension, a pension you have been awarded as part of a divorce or a dependents’ pension.
How this tool works