The lifetime allowance "has outlived its usefulness" and should be scrapped as part of a wider overhaul of pension taxation, Tom McPhail has said.
Speaking at the lang cat live event, Hargreaves Lansdown's head of pension research urged the government to "take a step back and rethink their approach to pension taxation". He said the current system was "in a complete mess" and advocated moving to a flat-rate 25% or 30% of relief on contributions with the removal of the lifetime allowance. "The lifetime allowance coming down from £1.25m to £1m seems to have changed things. "I've lost count of the number of conversations I've had with people who are in their 50s and now thinking about if they should leave a workplace pension. It ...
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