The removal of the lifetime allowance (LTA) in this year’s Spring Budget has led to more than half (51%) of people restarting, increasing, or planning to increase pension payments, according to Investec Wealth & Investment.
The new study with higher rate taxpayers from the wealth manager showed that scrapping the LTA has driven changes with 59% taking a range of actions as a result. Chancellor Jeremy Hunt confirmed the abolishment of the LTA in the Spring Budget in March, allowing people to increase the annual amount that they can save into their pensions before hitting harsh tax penalties. Although the removal has led to boosted pension payments, 16% of taxpayers said they have stopped pension saving because they had reached or were close to the LTA. Investec Wealth & Investment found that those who ...
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