lifetime allowance

The amount of tax the government has collected from people breaching the lifetime pension allowance (LTA) has risen by 276% since George Osborne became Chancellor.

Further changes to pensions tax relief could lead the industry "into a very dark place", according to ex-pensions minister Steve Webb.

The lifetime allowance "has outlived its usefulness" and should be scrapped as part of a wider overhaul of pension taxation, Tom McPhail has said.

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The continued cut to the amount people can save in their pension pots before a tax charge applies could incentivise people to invest in higher risk products, an adviser has said.

The government should look into the glaring inequality in the tax system that favours defined benefit (DB) pension schemes over defined contribution (DC), Alan Higham has said.

The lifetime pension saving allowance has been cut from £1.25m to £1m in the Budget today.