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The Autumn Statement documents have confirmed that the abolition of the lifetime allowance (LTA) for pension savings is on track and will be completed by 6th April next year. This means that the maximum amount people can contribute to their pension pot without facing tax charges will be removed. The government plans to pass legislation in the Autumn Finance Bill 2023 to eliminate the lifetime allowance. This decision has made it more challenging for financial advisors and clients to plan for the long term. Caitlin Sout, the pensions technical manager at Curtis Banks, has expressed concerns about this situation.
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Featured Author
Jenna Brown
Assistant Editor
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This content is the property of Incisive Business Media (IP) Limited and is published by Incisive Business Media Limited. The office is located at New London House, 172 Drury Lane, London WC2B 5QR. The company is registered in England and Wales with the registration numbers 09177174 & 09178013. It is a part of the Arc network, which can be found at www.arc-network.com.
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