Jon Gwinnett, Pensions Technical Manager at Nucleus, the adviser built wrap, comments on the Budget

Jon Gwinnett, Pensions Technical Manager at Nucleus, the adviser built wrap, comments:
“Further reductions in the lifetime allowance seem unnecessary. They mean that many more people will be bought into scope of the tax charges which penalise those fortunate enough to exceed the limit. There’s a danger that the creeping expanse of scope means that people in middle ranking public sector jobs will need to consider the impact of the LTA on their pension plans. It also begs the question, yet again, of why we persist in having a restrictive annual allowance if government see the LTA as the means of regulating total pension saving and tax relief expenditure.”