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The UK's plan to abolish the lifetime allowance (LTA) for pension savings is still on track and will be fully implemented by 6 April 2024, as confirmed by official documents. The LTA, which sets the maximum amount individuals can contribute to their pension pot without incurring tax charges, was announced to be removed in the Spring Budget. The government will pass legislation in the Autumn Finance Bill 2023 to eliminate the lifetime allowance, and this measure will also provide clarity on the taxation of lump sums and lump sum death benefits.
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Additional information from Jenna Brown
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