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Since 2006, pension savings have been subject to a Lifetime Allowance (LTA), which placed a limit on the overall value you can build up across all your pensions before having to pay additional tax.

Since 2006, pension savings have been subject to a Lifetime Allowance (LTA), which places a limit on the overall value you can build up across all your pensions before having to pay additional tax. For the 2022/23 tax year, the LTA stood at £1,073,000. 

On 22 November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement, setting out the Government’s key commitments and objectives for the UK economy. The announcement contained some measures that could affect your pension planning.

The Trustee wrote to certain members in May to explain that: we need to address a historical inequality arising from legislation, relating to some Guaranteed Minimum Pension (GMP) benefits in the Plan; and that to do sowe proposed to convert all GMPs into a different form of pension – ensuring that there was no reduction...