ARTICLE · 20 AUGUST 2024

UK Pensions Headlines: August 2024

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On 7 August 2024, HMRC published newsletter 161. This confirmed officially a short and informal technical consultation on The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) and (No. 3) Regulations 2024...

United KingdomEmployment and HR

Technical consultation on LTA abolition draft amendment regulations

Kirsty Cotton, Dave Roberts | August 20, 2024

On 7 August 2024, HMRC published newsletter 161. This confirmed officially a short and informal technical consultation on The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) and (No. 3) Regulations 2024, which HMRC had circulated to interested parties, including WTW, on 24 July 2024.

These draft Regulations aim to correct errors/omissions in the legislation introducing the successor regime to the Lifetime Allowance (LTA). The corrective Regulations (59 pages) will have backdated effect to 6 April 2024 and cover a multitude of issues including where trustees and administrators may have placed benefits on hold for some months.

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