The Abolishment of the Lifetime Allowance

Hopefully it is not much of a surprise to many when we say that 2023 has been a busy year for pension legislation. On the 15 March 2023, as part of his Spring Budget, Jeremy Hunt announced that lifetime allowance (LTA) was being ‘abolished’.

Whilst this is generally good news for pension savers, it has meant that legislation needs to be amended before 6 April 2024. As a result, HMRC issued draft abolition legislation for consultation, which ended on 12 September.

Based on this draft legislation, we have looked at what the changes could mean for pension savers from the 2024/25 tax year, and our findings can be found in our article here.

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