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How do you know each other? <a href=" http://weimar.edu/how-to-write-assignment/ ">essay tutoring</a> Saving into a pension attracts tax relief. It was argued that very wealthy people were obtaining too much tax relief by building enormous pensions – and so a lifetime allowance was introduced. The cap in the 2011/12 tax year was £1.8m, falling to £1.5m for the tax year beginning April 2012. From April 2014 it will fall again to £1.25m. The Liberal Democrats have suggested a further reduction to £1m.