LTA removal: Navigating policy intentions versus practice

'HMRC has acknowledged the faults' and will fix the issues

clock • 2 min read

Josh Croft highlights examples of LTA removal legislation errors which he says are hampering advisers and their clients...

While everyone makes mistakes and can be forgiven for doing so, when it comes to making changes to complex pension tax rules that affect people's retirement funds, it's crucial to get it right first time. Unfortunately, this isn't the case with the recent abolition of the lifetime allowance (LTA). The gap between the government's policy objectives and the actual legislation is so significant in some places that HM Revenue & Customs (HMRC) has said certain individuals may need to postpone taking benefits to sidestep potential pitfalls stemming from poorly crafted rules. Fortunately, th...

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

SIPP transfers from failed Hartley Pensions headed to Morgan Lloyd

SIPP transfers from failed Hartley Pensions headed to Morgan Lloyd

Administrators UHY Hacker Young name firm as nominated operator

Jenna Brown
clock 12 June 2024 • 2 min read
'Major issues': DWP must resolve pension transfer problems

'Major issues': DWP must resolve pension transfer problems

Quilter presses DWP to take ‘urgent action’ over transfer delays

Jenna Brown
clock 12 June 2024 • 3 min read
Pension dashboard delays highlight importance of advisers

Pension dashboard delays highlight importance of advisers

IFAs well placed to keep clients engaged with their pension saving

Ahmed Bawa
clock 10 June 2024 • 4 min read