Displaying items by tag: LTA

I have recently returned from nearly two months away from anything to do with pensions (well, aside from deciding I need a bigger fund to spend more time in all the places we visited, once we don’t have the kids in tow!).

Last year, a whirlwind of change hit the pensions industry as schemes and advisers raced to prepare for the removal of the lifetime allowance, while HMRC staff scratched their heads over exactly how it could be done before the end of tax year deadline, writes Beth Joslyn, of AJ Bell (standing in for Lisa Webster who is on holiday).

Following the changes introduced in the 2023 Budget, there has been some focus on how the death benefit rules might change.

New figures from HMRC have revealed that pensions lifetime allowance (LTA) penalty charges added a record £516m to the Treasury’s coffers in 2022-23, the last full year before it was abolished in April this year.

As a much-changed Parliament gets up and running, we pension techies eagerly await the long overdue regulations to correct the drafting errors in this year’s Finance Act. 

The recent news that Labour has ditched plans to re-instate the lifetime allowance is certainly welcome.

The Labour Party may abandon its pledge to reinstate the lifetime pensions allowance (LTA), according to a report in the FT.

We’re now in the new tax year and the Lifetime Allowance has officially been abolished – well, for now at least.

The government must get its pension priorities right, as the lifetime allowance (LTGA) abolition draws nearer, writes James Jones-Tinsley of Barnett Waddingham.

The Government has issued a new Financial Bill which includes the legal mechanism for the abolition of the pensions Lifetime Allowance (LTA).