Finance Act 2016 inserted provisions into Finance Act 2004 about the uprating of the Lifetime Allowance from tax year 2018/19 onwards. This said that it would be incremented in line with the value of Consumer Prices Index inflation at the September prior to the start of the following tax year. If the result was not divisible by £100, it would be rounded up.
The Office for National Statistics (ONS) announced the Consumer Prices Index (CPI) figure for the year to September 2018 as 2.4%. As a result (and taking into consideration the rounding rules), the Lifetime Allowance for 2019/20 is £1,055,000.
I always like to see this in legislation and The Finance Act 2004 (Standard Lifetime Allowance) Regulations 2019 were made on 10 January 2019 quoting this figure.
This is the only change to pension allowance that has changed from 2018/19. For completeness, therefore, the following apply in 2019/20: