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.

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