Labour Abandons Plans to Reintroduce Pensions Lifetime Allowance in £800 Million U-Turn Ahead of General Election 2024

Jun 9, 2024, 08:52 PM

The Labour Party has abandoned its plans to reintroduce the pensions lifetime allowance, a tax-free limit on pension savings, in an £800 million U-turn. This decision, which comes ahead of the General Election 2024, will be welcomed by wealthier savers, including hospital consultants, headteachers, and police chiefs. Rachel Reeves, who previously criticized the removal of the lifetime allowance, will now face questions about this reversal. The British Medical Association (BMA) has expressed its delight with the decision.