08 February 2024
The pension schemes newsletter has been updated to add additional information for a FAQ on lifetime allowance (LTA).
HM Revenue and Customs' (HMRC's) update notes state that:
“Question 8 within the lifetime allowance (LTA) frequently asked questions has been updated to correct a factual error and reflect that we will not be legislating to amend (and limit) which pension schemes individuals can apply to for a transitional tax-free amount certificate. We expect applications to be made to the scheme from which the first lump sum is paid after 6 April 2024, but it will remain the case that they can apply to any scheme of which they are a member.”
If you have any questions or concerns about the changes to LTA and the changes coming in April 2024, this newsletter is a good place to start.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.