Labour vows to reverse pension lifetime allowance abolition

Lifetime allowance on pension saving scrapped in yesterday’s Budget

Jenna Brown
clock • 1 min read

Labour has said it would reinstate the lifetime allowance (LTA) on pension savings after the chancellor yesterday announced it would be scrapped as part of his Budget reforms.

Jeremy Hunt yesterday told MPs the £1.07m limit on tax-free pension saving would be removed. It had been predicted he would increase the allowance to £1.8m but instead removed it altogether. The opposition has today said it would reverse the move. The BBC reports shadow chancellor Rachel Reeves said the decision was "the wrong priority, at the wrong time, for the wrong people".   Labour said in a statement that the policy move would benefit the "top 1% of pension savers getting a massive tax break for their retirement". Its own analysis found such savers would benefit to the tune of £...

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