What the Spring Budget pension changes mean for clients

The Chancellor has removed a major headache for advisers with the announcement that he is scrapping the lifetime allowance (LTA). In our research last year, 39% of advisers said removing the LTA would be the most helpful tax and pension planning simplification for them and their clients. On Wednesday, they got their wish. In addition to removing the cap on lifetime pension savings he also increased the amount that can be paid in ‘tax free', raising the annual allowance (AA) from £40,000 to £60,000.          These measures are part of the government's growth plans to get more people ba...