New era: The reduced lifetime allowance is upon us

LTA changes make their entrance

clock • 3 min read

Martin Tilley assesses the impact of the reduced lifetime allowance and looks at the various protection regimes in place for savers...

Having entered the new tax year, the third reduction in the lifetime allowance (LTA) is upon us. Individuals vesting in the current tax year will be tested against the new LTA of £1m unless they have arranged one of the numerous LTA protections introduced at each reduction. While the vast majority of people will not be affected by the reduction, those that are, such as individuals with a sizeable pension fund or likely to reach the LTA limit, one would have thought they would already have taken advice to ensure the appropriate protection was in place. However, this is obviously not...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read
Pension dashboard operators join forces to push project forward

Pension dashboard operators join forces to push project forward

Coalition aims to bring 'dashboards to consumers as early as possible'

Jasmine Urquhart
clock 25 March 2024 • 2 min read
Conservative manifesto to include state pension triple lock pledge

Conservative manifesto to include state pension triple lock pledge

Tories will keep triple lock in place if party stays in government

Jenna Brown
clock 25 March 2024 • 1 min read