UK Chancellor abolishes lifetime allowance for pensions savings (LTA) in surprise move

Mark Battersby
clock • 9 min read

UK Chancellor Jeremy Hunt has announced in his Spring Budget statement that he is to abolish the Lifetime Pension Allowance altogether, rather than rise the limit as widely speculated. The annual allowance rises as predicted to £60,000 from £40,000. The move comes in a bid to tackle fears that the current allowances were compelling many professionals, particularly doctors, to retire in their fifties, an issue it said has become more acute since the government announced a six-year freeze on the annual and lifetime allowances in 2020. The LTA was originally set at £1.5m when it was i...

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