From 1 April 2014, HMRC have reduced the annual allowance from £50,000 to £40,000. The annual allowance is the amount by which the value of your pension benefits can increase in any one year without you having to pay a tax charge.
There has also been a reduction in the lifetime allowance, which is the total value of all your pension arrangements that you can build up without paying extra tax. This has reduced from £1.5 million to £1.25 million.
Further information on these changes along with links to the relevant pension scheme and HMRC webpages are now available on the HR intranet: https://portal.shu.ac.uk/departments/HRD/penben/pensions/Pages/annual-lifetimeallowance.aspx