The removal of the pension Lifetime Allowance (LTA), enacted through the Finance Bill, came into effect from 6 April 2024. The Finance Bill abolishes the LTA from pension tax legislation and sets out the new tax treatment of lump sums and lump sum and death benefits paid from registered pension schemes.

As Client Director James Hamilton highlights in this video, whilst the change aims to encourage continued working and saving towards retirement, it has important implications for pensions and tax relief. We therefore recommend speaking to a qualified financial adviser regarding your individual situation and how you might be affected.

We have prepared this Briefing Note to outline some of the key points in more detail. You can also find further information about pensions and retirement planning here. Cantab would be delighted to assist you in these matters – please contact us.