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The UK government is still on track to abolish the lifetime allowance (LTA) for pension savings by April 6, 2024, according to official documents. The LTA is the maximum amount individuals can contribute to their pension pot without incurring tax charges. This decision was announced in the Spring Budget and will be enacted through the Autumn Finance Bill 2023. The new legislation will also address the taxation of lump sums and lump sum death benefits.
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Jenna Brown
Assistant Editor
Additional information from Jenna Brown
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