Has your pension just become the ultimate estate planning vehicle for the wealthy masses?
lifetime allowance
Genuinely exciting developments today in the typically somnolent world of pensions. Chancellor Jeremy Hunt has announced he’s scrapping the Lifetime Allowance for Pensions. Hunt is also significantly increasing the pension annual allowances. As per Hunt’s 2023 Spring Budget: The government will remove the Lifetime Allowance charge from 6 April 2023, before fully abolishing the Lifetime [...]
Sometime back in the 1990s I began putting all my earnings above the higher-rate tax threshold into my pension.
Just when you thought it was safe to come back to Monevator, our trusty numbers nerd (in a good way!) is back to pick apart the lifetime allowance…