Retirement experts and school leaders want Labour to urgently clarify details of its plans to reinstate the pension savings lifetime allowance
Headteachers have joined senior doctors in calling on Labour to reveal its plan to reinstate limits on the amount people can build in pension savings and still receive tax relief, warning that reintroduction could lead to a “surge in retirement” among top staff members.but has said it will do this while “retaining public service leaders,” adding that its solution will cover doctors and “other public sector leaders.
Labour has already outlined plans to recruit 6,500 new state school teachers, but Ms McCulloch said the recruitment “crisis” in education would not be solved “by giving with one hand and taking away with the other.”that qualified for tax relief at £1,073,100, but at the Budget in 2023, the Government announced plans to abolish it, and did so in April this year.
“Many school leaders were impacted by the LTA charges before they were removed, and it is likely this will be the case if they are reintroduced,” said Gareth Cross, education regional manager at Wesleyan Financial Services. “Headteachers, and other senior members of a school’s leadership team are anxious about the reinstatement of the LTA and want meaningful advice about the best course of action. This advice can’t be provided until further details of the reinstatement of the LTA are published,” he added.
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