If the total value of your pension pots, including from any defined benefit schemes, exceeds the lifetime allowance, there will be a tax charge on the excess. This is called the lifetime allowance charge.
Any amount over your lifetime allowance that you take as a lump sum is taxed at 55%.
Any amount over your lifetime allowance that you take as a regular retirement income – for example, by buying an annuity – has a lifetime allowance charge of 25%. This is on top of any other tax payable on the income.