lifetime allowance

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An 'irksome' lifetime allowance case study

Tax relief at the point of retirement saving is the most powerful way to get people to create a later life nest egg, according to Zurich, making it the latest provider to come out against the government's plans to treat pensions like ISAs.

The amount of tax the government has collected from people breaching the lifetime pension allowance (LTA) has risen by 276% since George Osborne became Chancellor.

Further changes to pensions tax relief could lead the industry "into a very dark place", according to ex-pensions minister Steve Webb.

The lifetime allowance "has outlived its usefulness" and should be scrapped as part of a wider overhaul of pension taxation, Tom McPhail has said.

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