The annual amount of tax collected from people exceeding the lifetime allowance has jumped 1,000% since its introduction just over a decade ago, a freedom of information request by Retirement Advantage has revealed.
For the 2006/07 tax year, after the lifetime allowance (LTA) came into effect, the taxman collected less than £10m as a result of people surpassing the limit. For the 2016/17 tax year, that figure had increased...
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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