Could LTA abolition and election uncertainty lead to QROPS resurgence?

A ready-made solution for LTA uncertainty

clock • 4 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Government confirms no compensation for WASPI women over state pension age changes

Government confirms no compensation for WASPI women over state pension age changes

DWP finds communication delays did not amount to financial loss

Martin Richmond
clock 17 December 2024 • 4 min read
Chancellor's move to pause Pensions Review 'deeply disappointing'

Chancellor's move to pause Pensions Review 'deeply disappointing'

Rachel Reeves has reportedly pressed indefinitely paused the review

Jenna Brown
clock 16 December 2024 • 3 min read
FCA targets pension transfers and SIPPs in major review

FCA targets pension transfers and SIPPs in major review

Regulator launches review of DC pension rules

Isabel Baxter
clock 13 December 2024 • 4 min read