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In the March 2023 budget the government announced the abolishment of the life time allowance and changes to the annual allowance. The detail of these changes have yet to be finalised. We are currently waiting for the Spring Finance Bill 2023 which will provide the legislative framework to support these changes. Until this is received we will be unable to comment further.

However Pensions schemes newsletter 148 — March 2023 – GOV.UK (www.gov.uk) published on 17 March 2023 includes some more detail around the proposed changes and also the tax payable on types of lump sum.

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