From April 6, 2024, the Lifetime Allowance (LTA) for pensions will be a thing of the past. This marks a significant shift in how retirement savings are taxed in the UK. Here’s a straightforward breakdown of what this change means for you and how to make the most of the new pension landscape.
In the Spring Budget of 2023, the UK Chancellor of the Exchequer, Jeremy Hunt, announced that the pension Lifetime Allowance would be scrapped. This decision was totally unexpected and has significant implications both for pension savers in the UK and those of us who live overseas and retain UK pensions.