| UPDATED: 09:25, Tue, Mar 9, 2021
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The pension lifetime allowance places a limit on the amount people are able to save into their pension pot tax-free each year. Before the policy change, Britons could expect the sum to increase by the rate of inflation each tax year. However, Chancellor Rishi Sunak made a change in last week’s Budget which means the lifetime allowance will be frozen until 2026.