Today's Budget Announcement.

[vmaxv4]

After hearing budget announcements today am I correct in thinking that the abolishment of the Life Time Allowance (LTA) which currently exists?
Hopefully if correct the current pensions provided by the RMPP & RMSPS will cease to enquire about the LTA.
Which I know of to have been a complete shambles.

[Schiff]

My understanding is that the LTA will be abolished from 2026 (if an incoming Labour government doesn't change that) so the queries about LTA will continue for at least a few years yet.

[rambo1]

IF, you're kidding right? No way a labour govt would be seen to be giving tax breaks to someone who puts enough into their pension to be able to draw a £50k annual pension a yr from it.

[vmaxv4]

2026….Noooooooooooooo

[freespeech]

My understanding is that the LTA will be abolished from 2026 (if an incoming Labour government doesn't change that) so the queries about LTA will continue for at least a few years yet.

LTA is completely abolished from April 2024. Source Martin Lewis.

[Schiff]

My understanding is that the LTA will be abolished from 2026 (if an incoming Labour government doesn't change that) so the queries about LTA will continue for at least a few years yet.

LTA is completely abolished from April 2024. Source Martin Lewis.

You're right. It must have been a typo in the budget analysis that I was looking at.

[vmaxv4]

2024 Yesssssssssss…

[Wullie10]

Labour said they'll abolish it. This is why eventually the country will all end up in the gutter with worthless pensions . Because flavour of the month politicians chop and change rules to suit that weeks agenda. Pensions should be set in stone and left alone. Another report says Britain's life expectancy has declined against other countries. So are we going to see the pension age lowered ?

[robking]

Labour said they'll abolish it. This is why eventually the country will all end up in the gutter with worthless pensions . Because flavour of the month politicians chop and change rules to suit that weeks agenda. Pensions should be set in stone and left alone. Another report says Britain's life expectancy has declined against other countries. So are we going to see the pension age lowered ?

I wouldn't bank on Labour winning, the Tories have begun to make up some lost ground in recent polls and they have such a large majority it would take a record swing for Labour to get a majority of one let alone a working majority.
More likely there will be a hung parliament with Labour the largest party being given power via a deal with the Scots Nats. Such a minority government will be very weak and pension changes won't be very high on their agenda.

[Wullie10]

To be honest it doesn't matter who wins. Theyll both be spinless and see pensions as an opportunity to raid and raise funds for the topic of the day. It's all kicking off in France too

[Jaggs]

Although I doubt I'd come anywhere near breaching it the abolishment of the LTA is a good thing in my opinion. What I think should be reformed is how pensions are inherited.