Jeremy Hunt’s Autumn Statement contained nothing to suggest the government has had a rethink on the abolition of the lifetime allowance for pensions (LTA).
Comments released today revealed that a change in the plan is not on the table and it is still set to be eliminated on 6 April.
There had been speculation that its fate was not sealed, particularly if Labour comes to power. It now appears that will not be the case in time though.
Clare Moffat, pensions and tax expert at Royal London commented: “We now have the confirmation that removal of the lifetime allowance will be going ahead in April 2024.
“We know the devil will be in the detail which we are expecting in the Finance Bill coming soon, and we hope to get clarification in how this will be implemented. Until we get this clarity making decisions and advising on LTA will remain challenging for advisers.”
This article first appeared on Portfolio Adviser