Thousands of well paid London professional workers approaching retirement were today handed a huge break by the Chancellor when he abolished the lifetime allowance (LTA) ceiling on how much they can put in their pension pots without being hit by punitive tax rates.
The “game changing” reform, which went far beyond what had been expected, will cost the Treasury £2.75 billion over five years in a tax relief largely benefitting higher paid middle aged workers putting money aside for their retirement.
