Pensions: Tax Allowances
(asked on 15th March 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of how many people will benefit from the abolition of the lifetime allowance cap in (a) 2023-24, (b) 2024-25, (c) 2025-26, (d) 2026-27 and (e) 2027-28.
This question was answered on 20th March 2023
Information on the abolition of the lifetime allowance can be found in the Pension Tax Limits Policy paper Pension Tax Limits - GOV.UK (www.gov.uk)
Abolition of the Lifetime Allowance cap also provides certainty that money saved into a pension will not be subject to a cap on lifetime tax-relieved pension savings, even for those who may not currently be modelled as hitting it.