Jeremy Hunt's abolition of the pensions lifetime allowance is the radical action we need ✒️ rosaltmann via ipaperviews
The biggest news, however, which is bound to benefit growth and employment, was the pension announcements. The Chancellor’s bold, radical reforms,
Constant changes to the lifetime allowance have added to pension complexity, so sweeping it away is an excellent idea. It was slashed several times from £1.8million in 2010, to just over £1million now, and high inflation would cause more people to exceed their allowances. It never made sense for Government to have both annual and lifetime limits. Once the annual amounts people can pay in are restricted, having a lifetime limit then penalises their funds if the investments are very successful. This makes it impossible to plan properly and runs counter to the aims of long-term pension investing.
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