Comment and Blogs
The consultation on the draft legislation for the removal of the lifetime allowance (LTA) has now closed. The industry has given its views and now we have to wait and see what changes – if any – are made to the clauses published so far.
Small Self-Administered Schemes – SSASs – are the original self-invested pension. The first schemes written will be approaching the big 50 in the next couple of years. They have almost two decades on the new kid on the block that is SIPP.
Read more: Lisa Webster: 2024 could mean SOS – Save our SSAS!
The Institute for Fiscal Studies (IFS) has been spending a lot of time recently looking at pensions. Before Christmas we had a paper on the tax treatment of pensions on death, and now they have followed this up with their blueprint for a better tax treatment of pensions.
Shortly before Christmas the IFS released its report 'Death and taxes and pensions', with the headline view that taxation of pensions on death was far too generous.
As we enter the new tax year we also enter a new era for pensions as I don’t think anyone, outside of government, saw the abolishment of the Lifetime Allowance (LTA) coming.
Read more: Lisa Webster: Enhanced Protection winners and losers
When George Osborne dropped his Pension Freedom bombshell in his now infamous 2014 budget I was on maternity leave.
Read more: Lisa Webster: Time to sort out Pension Freedom tax mess