Pension drawdown glossary
The limit, £1,073,100 for most people, on the total of tax-free lump sums taken in your lifetime plus certain tax-free lump sums paid on your death before 75 and serious ill-health lump sums. It is higher if you hold a protected allowance.
Source: GOV.UK: individual lump sum allowances · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.