The abolition of the lifetime allowance (LTA) for pension savings is on schedule and will be complete by 6 April next year, official documents confirm.
The removal of the LTA - the maximum amount people can contribute to a pension pot without triggering tax charges - was announced in the Spring Budget. Documents released alongside today's (22 November) Autumn Statement speech said the government "will legislate in the Autumn Finance Bill 2023 to remove the lifetime allowance". Labour previously committed to restoring the LTA should it win the next general election. Consequently, the situation has made long-term financial planning more difficult for both advisers and clients. Curtis Banks pensions technical manager Caitlin Sout...
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