Chancellor Jeremy Hunt’s move today (15 March) to abolish the pensions lifetime allowance (LTA) could see more people turning to advisers, according to Continuum.
The LTA - the maximum value in either a defined benefit or defined contribution (DC) scheme before an individual faces further tax charges - was scrapped today in a move set to "prove popular with higher earning professionals", said managing partner Martin Brown. "Many UK pension savers who were previously close to the LTA may feel that now could be a good time to consider saving more into a pension. Those with DC pension schemes who have saved industriously over their career will be wanting to look again at their financial planning in order to inflation-proof their lifestyle in retireme...
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