Rachel De Souza highlights the rules of this little-known pension plan which could solve client problems in the face of LTA changes...
The lifetime allowance (LTA) was effectively abolished from April 2023. Previously, those who had pensions savings in excess of £1,073,100 would be charged a penal rate when accessing the excess, or in other circumstances where the LTA was tested, such as reaching the age of 75 or when transferring pensions funds to qualifying recognised overseas pension schemes (QROPS). However, almost immediately following the abolition announcement, Rachel Reeves, the shadow chancellor, stated that the Labour Party would reverse the change. The Labour Party has been remarkably silent on this top...
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