UK Chancellor set to increase lifetime allowance on pensions to £1.8m - reports

Jenna Brown
clock • 3 min read

The lifetime allowance (LTA) on pension savings is set to rise to £1.8m in tomorrow's UK Budget, it has been widely reported. The increase is set to be introduced to encourage people to continue working. The LTA is the maximum anyone can contribute to a pension - at present £1.07m - before facing tax charges. The BBC reports that the chancellor could also increase the £40,000 annual cap on tax-free contributions to pensions. However, the report said the Treasury had declined to comment. Higher earners, particularly doctors and consultants have faced issues with the LTA in recent ye...

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