- HMRC has told some pensioners to delay taking benefits because regulations are incomplete
- Who should resume pension contributions?
- Labour’s plans remain uncertain at this stage
The pension lifetime allowance (LTA) was officially abolished on 6 April. Some hoped that would draw a line under what was a complicated and generally disliked aspect of pension policy. Sadly, that is very much not the case, for two main reasons.
One is that some aspects of the abolition legislation are incomplete and, in the words of one financial adviser, “don’t work” – so much so that HMRC has asked pension schemes to delay paying benefits to certain members. The second is that Labour might bring the LTA back if it wins the election later this year.