All lifetime allowance articles
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NewsPLSA urges caution on potential tax relief changes
The Pensions and Lifetime Savings Association (PLSA) has urged the government to tread carefully regarding potential changes to pension tax relief in next month’s Budget.
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NewsData casts doubt on Conservatives’ state pension pledge
Data from LCP has called into question the Conservative Party’s “triple lock plus” policy and its promise to pensioners that they will “never” be taxed on their state pension.
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OpinionThe ‘lost pots’ issue is getting worse – it’s time to act
John Upton, policy analyst at the Pensions Policy Institute, is exploring and updating data on lost pots to help drive solutions to one of the industry’s biggest problems.
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NewsHMRC rushes to implement lifetime allowance changes
A government update has raised more questions about the hasty abolition of the lifetime allowance.
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NewsChancellor’s plans raise questions
Unintended wording could create further complexity for DB schemes
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NewsLifetime allowance: Confusion and a 'cruel twist' follow its abolition
HMRC pensions data showed pension withdrawals have risen 67 per cent since 2020 as 'cruel twist' shows soaring lifetime allowance and annual allowance charges in 2022.
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NewsACA demands HMRC have LTA abolition rules ready by October
The Association of Consulting Actuaries (ACA) has called on HMRC to have put in place the rules to abolish the lifetime allowance (LTA) by October.
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NewsDeath tax: Government urged to clarify pension rules
The government has announced it is consulting around changes to the way pensions are taxed after death, but pension industry experts are arguing that the move makes little sense.
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OpinionDeath tax: Another day, another back door charge?
If you are going to scrap a tax, scrap it, says Pensions Expert.
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NewsLTA tax proposal is 'bombshell' for untouched pension pots
The government appears to be backtracking on the ability to inherit pension pots tax-free, according to LCP.
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NewsLifetime allowance changes: Employers urged to offer DC scheme members more support
Employers are being urged to give better support to defined contribution (DC) pensions scheme members who may be affected by the changes to the Lifetime Allowance (LTA) and Money Purchase Annual Allowance (MPAA) announced back in the Spring Budget.
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NewsIFS calls for government to scrap 25% tax-free lump sum
On the go: The Institute for Fiscal Studies has set out “controversial” proposals to reform the pension tax system, including removing the 25 per cent tax-free lump sum.
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NewsPension savers face ‘double’ tax hit as inflation soars
On the go: The government’s decision to freeze the lifetime allowance could yield up to £2bn for the Treasury, double the £1bn it previously projected due to a surge in inflation this year.
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NewsBMA warns of spike in early retirements over tax relief reforms
The British Medical Association has warned that the number of doctors choosing to reduce hours or retire early would increase were the government to proceed with reported plans to freeze the pensions lifetime allowance past 2026.
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NewsNew ‘pensions minister’ grilled on AE expansion and tax reform
Alex Burghart, the new parliamentary undersecretary of state at the Department for Work and Pensions, has suggested he is keen to see auto-enrolment expanded to cover emergency savings pots.
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NewsACA: Early pensions access could encourage people to save
On the go: Younger generations could be encouraged to save more for the long term if they were allowed to dip into their retirement savings early in order to cover urgent, essential expenditure.
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PodcastsPodcast: Pension tax changes needed to save NHS from ‘rock bottom’
Podcast: Staff shortages and ever-growing waiting lists have left the NHS at “rock bottom”, but the government “has its head in the sand”. Changes to the pensions taxation regime are essential to fix the problem, argues Vishal Sharma, pensions committee chair at the British Medical Association. He is joined by Mark Bondi, council member at the Society of Pension Professionals and senior technical consultant at Capita, to discuss the NHS, the High Court’s retail price index decision, and pension priorities for new prime minister Liz Truss.
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NewsLabour would scrap pensions tax cap to boost NHS staff
On the go: Labour’s shadow Health and Social Care secretary, Wes Streeting, has pledged to do away with the cap above which NHS workers incur additional tax burdens, in a bid to dissuade experienced staff from retiring.
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NewsTriple lock, NHS and merging regulators on Liz Truss’s agenda
The new prime minister faces a host of economic problems, ranging from the cost of living crisis to the staffing crisis in the NHS as she enters Number 10, industry experts have said, with all eyes on the government’s forthcoming “fiscal event”.
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NewsGovt rejects appeal to make NHS scheme tax-unregistered
The government has rejected a petition to make the NHS pension scheme tax-unregistered, arguing that the loss of tax-relief and lump sums “would not benefit the vast majority of members”.