The lifetime allowance is the total value of all pension benefits you can have without triggering an excess benefits tax charge. If the value of your pension benefits when you draw them (not including any state retirement pension, pension credit or any partner's or dependent's pension you may be entitled to) is more than the lifetime allowance, or more than any protections you may have, you will have to pay tax on the excess benefits. The lifetime allowance is set by HM Treasury and is currently £1,073,100 this will be frozen until April 2026; it covers any pension benefits you may have in all tax-registered pension arrangements - not just the LGPS.