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Manchester Evening News
Manchester Evening News
National
Paul Britton

Huge change for pensioners as lifetime allowance on tax-free pensions contributions scrapped

Co Jeremy Hunt NHS

The Chancellor, Jeremy Hunt, has scrapped the lifetime allowance limit on pensions in a move that will provide an economic boost to pensioners.

Mr Hunt announced the plans as he delivered the Spring Budget in the Commons on Wednesday while speaking about plans to get older people back into work.

A Lifetime Allowance - or LTA - is the maximum amount a person can withdraw from their pension in a lifetime without paying extra tax. The figure stood at £1.07m but in a surprise move today, that has now been scrapped.

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