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UK Government Confirms Abolition of Lifetime Allowance for Pension Savings by April 2024

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The UK government plans to eliminate 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 facing tax charges. This decision was announced in the Spring Budget and will be implemented through legislation in the Autumn Finance Bill 2023. The aim is to provide clarity on the taxation of lump sums and lump sum death benefits related to pensions.

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Jenna Brown

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UK Government Confirms Abolition of Lifetime Allowance for Pension Pot by April 2024