Jessica List: Painting pensions by numbers

Lifetime allowance The HMRC data shows that 8,510 lifetime allowance charges were reported by schemes in the 2019/20 tax year. The charges had a total value of £342m - a 21% increase on the £283m reported in 2018/19. This is a considerable increase for a single year, particularly if you consider that the lifetime allowance at the time was still rising in line with inflation. With the lifetime allowance now frozen at £1,073,100 for the next few years and higher inflation to contend with, these figures give a sense of how much worse pension savers are likely to be affected over the next...