yes!!!!!

GrubbyGirl_2

Don't suppose I'll get my £40k tax back though!

El_Torro

While this is good news for the few this is relevant for I remain sceptical. 

I still have a couple of decades before I start drawing down from my pension. I wouldn't be surprised if a future government reintroduces the LTA before I retire.

Firefly12345

Stargunner said:

Helping the very rich that will be able to benefit from the tax relief when contributing £60k per annum.

Really high earners can't put much in. There will always be loop holes but in general this simplification must be applauded. Look at the amount of time spent on here talking about it that could of been used to do something useful!

Clive_Woody

Wonder if the 25% lump sum rule will remain in place

ukdw

'The maximum Pension Commencement Lump Sum for those without protections will be retained at its current level of £268,275 and will be frozen thereafter.'
https://www.gov.uk/government/publications/spring-budget-2023/spring-budget-2023-html

Pat38493

Clive_Woody said:

Wonder if the 25% lump sum rule will remain in place

It's being capped at a maximum amount of the current level if I understood the other thread.

Clive_Woody

Pat38493 said:

Clive_Woody said:

Wonder if the 25% lump sum rule will remain in place

It's being capped at a maximum amount of the current level if I understood the other thread.

Just saw that "The maximum Pension Commencement Lump Sum for those without protections will be retained at its current level of £268,275 and will be frozen thereafter."

dunstonh

I wonder if this is the start of a couple of budgets laying traps for the incoming Labour Government in the same way that Gordon Brown did.

westv

NoMore said:

!!!!!! do we need a third thread!!

Isn't it a fourth thread? 

Alexland

ukdw said:

'The maximum Pension Commencement Lump Sum for those without protections will be retained at its current level of £268,275 and will be frozen thereafter.'
https://www.gov.uk/government/publications/spring-budget-2023/spring-budget-2023-html

So over time with a few decades of inflation the PCLS become more a token gesture in spending power rather than a substantial pot of money. So paying income tax on what would have previously been possible to withdraw tax free (and for some that could push them into higher rate as pensioners) is helping to pay for the policy of abolishing the LTA charge.