FOR ADVISORY FIRMS THAT PRIORITIZE CLIENTS AND AIM FOR LONG-TERM PROFITABILITY
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According to official documents released alongside the Autumn Statement, the lifetime allowance (LTA) for pension savings will be abolished by 6 April next year, as planned. 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 introduce legislation in the Autumn Finance Bill 2023 to eliminate the lifetime allowance. This decision has created challenges for long-term financial planning for both advisers and clients. Caitlin Sout, the pensions technical manager at Curtis Banks, has acknowledged the difficulties this situation presents.
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