Lifetime allowance abolition errors corrected by regulations

Regulations laid before parliament to fix LTA errors

Jenna Brown
clock • 2 min read

Errors in lifetime allowance (LTA) abolition legislation have been corrected in regulations laid before parliament yesterday (7 October).

The LTA, the limit on how much money could be saved into a pension before incurring tax charges, was removed from 6 April, however, mistakes were present in the original legislation. Regulations to solve the problems have now been introduced. Nucleus Financial technical director Andrew Tully explained these were one of two sets of regulations needed. The second set will "hopefully appear shortly," said Tully. HM Revenue & Customs (HMRC) highlighted the errors in its newsletter from April this year. Specifically, HMRC said changes would be made soon and suggested the affected mem...

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

 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read
Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Administration expected to conclude in 2027

Isabel Baxter
clock 10 March 2026 • 3 min read