The new world of pension allowances 2024

In this IIL financial planning webinar, Claire Trott explains that the abolition of the Lifetime Allowance (LTA) hasn’t seen the end of limits on pension benefits, just a change in the way they are tested and taxed. In this session, you can learn more about the conversion from one to the other and what this means for yourself and your clients.

In March 2023 the then Chancellor Jeremy Hunt, announced the abolition of the Lifetime Allowance. The tax year 2023/24 saw the abolition of Lifetime Allowance charges, but in 2024/25 we saw the actual abolition. In 2024/25, we also saw the introduction of new allowances limiting the tax-free payments from pensions, with everything else subject to income tax. With these changes came extra complexity and confusion, not least because the regulations came into force, flawed and incomplete.

In this webinar, Claire discusses how to navigate these changes, what they really mean and if there are any additional benefits to be gained.

Learning objectives

• To understand the new pension allowances
• To understand how to convert previous LTA usage into the new allowances
• To understand what these limits mean in real life and if there are any additional benefits available