Lifetime allowance (LTA) abolition
For up to date news and information on the LTA abolishment and FAQs on how this will affect you and your clients.
LTA latest update
The lifetime allowance was abolished on 6 April 2024. However there were some aspects of the legislation which needed amending. Until that legislation was corrected HMRC suggested clients should delay the payment or transfer of their benefits. That affected a range of clients including those who had scheme specific lump sum protection and those with enhanced or primary protection with lump sum rights in excess of £375,000.
On 18 November 2024 the amending regulations were passed into law. This corrects the legislation and means clients no longer need to consider delaying taking benefits or transferring. If your client would like to take benefits, please process this through the platform or by getting in touch with your usual contact.
