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The UK government plans to eliminate the lifetime allowance (LTA) for pension savings by April 6th, 2024, as scheduled. The LTA sets 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 formalized through legislation in the Autumn Finance Bill of 2023. The government aims to provide clarity on the taxation of lump sums and lump sum death benefits as part of this measure.
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Jenna Brown
Assistant Editor
Additional information from Jenna Brown
Financial Conduct Authority (FCA) suggests a framework for investment advice compensation based on the principle of
Royal London has obtained the later life lending company Responsible Group.
Additional Information on Pensions
The Swedish Fund Selection Agency has recently announced a plan to allocate €17 billion in mandates.
In the Autumn Statement 23, Hunt shows support for the triple lock policy by proposing an 8.5% increase in state pensions
Jeremy Hunt is set to announce pension reforms that would provide individuals with a lifelong pension plan.
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