The standard LTA for pension schemes from 6 April 2020 is £1,073,100. The LTA is an overall limit on the ‘value’ of retirement (and death) benefits anyone may receive from all of their UK registered pension schemes without triggering an extra tax charge. Some people may have a higher LTA than the standard.
The standard annual allowance remains at £40,000, but the thresholds for the tapered annual allowance have changed. The main headline is those with incomes of £200,000 or less don’t need to even think about the tapered annual allowance now – they have the standard £40,000 allowance.
If you are concerned about tax allowances, please seek professional financial advice.