UK shadow Chancellor vows to reverse pension lifetime allowance abolition

The UK Labour party shadow Chancellor has said they would reinstate the lifetime allowance (LTA) on pension savings after the chancellor yesterday announced it would be scrapped as part of his Budget reforms. Jeremy Hunt yesterday told MPs the £1.07m limit on tax-free pension saving would be removed. It had been predicted he would increase the allowance to £1.8m but instead removed it altogether. The opposition has today said it would reverse the move. The BBC reports shadow chancellor Rachel Reeves said the decision was "the wrong priority, at the wrong time, for the wrong people".  ...