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The lifetime allowance

A step-by-step approach to establishing the client’s individual lifetime allowance (LTA)

Update: ‘Replacement’ of the lifetime allowance

In the Spring Budget 2023, an announcement was made that the lifetime allowance (LTA) would be 'abolished'. Following temporary arrangements for 2023/24, the ‘replacement’ of the LTA is planned from 6 April 2024. Draft legislation has now been issued and, while this is subject to amendment, it contains some surprises – not least to the treatment of pension death benefits.

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The lifetime allowance and the Spring Budget – what does it all mean?

Although the removal of the LTA tax charge is good news for pension savers, there are aspects of the lifetime allowance system that need further examination. 

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Your LTA checklist

Here we highlight relevant considerations when assessing an individual’s pension savings and the impact of the LTA, through 4 steps:

  1. Establishing the amount of the individual’s LTA
  2. General enhancements and reductions to an individual’s LTA
  3. Considering how and when benefits will be tested against LTA
  4. Salient considerations and working through options and possibilities
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Your LTA technical guide

A useful reference aid that includes all the detail around:

  • Transitional protection
  • LTA enhancements/reductions
  • Benefit crystallisation events (LTA test trigger events)
  • The LTA charge
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Client-friendly LTA guide to help discussions

Share this guide with your clients which covers:

  • Who could be affected
  • How to calculate the value of their pensions
  • What steps those affected can take to minimise tax bills
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Your 10 must-do tasks for the 2023/24 tax year

With the Autumn Statement and the Spring Budget, many tax allowances have either been cut or frozen while the Lifetime Allowance charge has been abolished. Here we provide a number of ideas to ensure your clients are making the most of their savings and investments.

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Questions and feedback

Are there any other questions that you have on this subject? Whilst, we can’t undertake to respond to you individually, we’d like to take account of your feedback to help develop material that best assists you.

Technical matters

Further on the pension lifetime allowance

Here we delve into the pension lifetime allowance including; protection, benefit crystallisation and access to useful training videos.

Pensions, retirement and tax planning

Pensions and divorce, death benefits, allowances and much more.

Retirement and pensions training

46 short retirement videos, totalling over five hours of learning.