The Lifetime Allowance (LTA) is a limit on the total value of all of the retirement savings you can take without having to pay an extra tax charge. The LTA is currently £1.055million. It is your responsibility to monitor your LTA for all of your personal and workplace pensions. The Lifetime Allowance is not applicable if you are a Dependant or a Pensioner. You may want to speak to an Independent Financial Adviser about this.