Displaying items by tag: lifetime allowance

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!).

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.

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).

As Benjamin Franklin, one of the founding fathers of the US, famously said: “In this world, nothing is certain except death and taxes.” When it comes to the realm of pension saving in the UK this is certainly true.

Chancellor Jeremy Hunt shocked the pensions sector in his Budget today by announcing that he would 'scrap' the pensions Lifetime Allowance and increase the annual allowance from £40,000 to £60,000.

Over 325,000 people have successfully applied for protection against breaching the Lifetime Allowance, according to a Freedom of Information response.