'Lifetime allowance should be abolished,' says Swiss Re's technical manager
It was good to see no increase to the rate of insurance premium tax (IPT) on general insurance products. The pensions market will no doubt be happy that the Chancellor chose not to make any changes to pension taxation. The lifetime allowance will increase in line with the consumer price index (CPI). Our view remains that the lifetime allowance should be abolished or, at the least, lump sum insurance death benefits paid out of registered pension schemes should be taken out of the calculation....
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