Spring Budget 23: Group life schemes to benefit from pensions allowance change

Confirmed during Jeremy Hunt's deliver of the Spring Budget, the LTA charge will be removed from April 2023 before it is abolished entirely from April 2024, while the Annual Allowance will rise from £40,000 to £60,000. Responding to the day's announcements, Swiss Re technical managers Ron Wheatcroft, said the decision was "the right one." "The fall in the Lifetime Allowance in real terms since 2011 has been a contributing factor to the growth in Excepted Group Life Policies (EGLP) which operate outside pensions legislation," Wheatcroft said. "This is because lump sum death benefits...