MacGillivray Blog: The Grand Old Duke of Pensions
Neil MacGillivray, chairman of the Association of Member-directed Pension Schemes and head of technical support at James Hay Partnership
The recent Budget announcement by the Chancellor that he would reduce the Grand Old Duke of Pensions - the lifetime allowance (LTA) - to £1m from 6 April 2016 will mark the eighth change in the LTA since its introduction in 2006 and this excludes personalised LTA afforded by certain forms of protection.
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