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Insights

25 January 2024

Lifetime allowance abolition – an update

The abolition of the Lifetime Allowance (LTA) is being undertaken in two stages. The first was the removal of the LTA tax charges from 6 April 2023. The second will be the abolition of LTA itself from 6 April 2024. Rather than a simple abolition, the LTA is in effect being replaced by lump sum allowances which will still control the level of tax-free cash that an individual can receive from registered pension scheme arrangements. On 4 January 2024, HMRC published an updated newsletter providing further guidance on the how this will work in practice.

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24 June 2025

VAT recovery on pension costs

On 18 June 2025, HM Revenue & Customs (HMRC) changed its policy on the recovery of VAT on investment costs. Effective immediately, employers can now treat all VAT incurred on investment management services for occupational pension schemes as their own input tax and reclaim it, in line with standard input tax rules.

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05 June 2025

Pensions update: major Virgin Media development

The Government has announced that it will introduce a legislative 'fix' to give pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards.

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04 June 2025

Pensions snapshot - May 2025

This edition of snapshot looks at the latest legal developments in pensions.

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01 November 2024

The Autumn Budget 2024: what does it mean for pensions?

Much of the Government's commentary in the run up to this week's Budget focussed on the "£22 billion black hole" the Chancellor has identified in the public finances. Indeed, those who played "Budget Bingo" while watching on Wednesday will have been excited to hear Rachel Reeves mention the £22 billion black hole no fewer than five times. The cost of current pensions tax relief is estimated to be £48.7 billion. So, no surprises that the Chancellor is seeking to plug that black hole with further limits on pensions tax relief.

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08 July 2024

Getting Britain moving: A pensions perspective

On 9 July 2024, Stephenson Harwood LLP and AtkinsRéalis are hosting a Top Table Lunch during which Juergen Maier (who is leading a Rail and Urban Transport Review for the Labour party) will be in conversation with Stephenson Harwood partner Tammy Samuel. Following Labour's win at the general election on 4 July 2024, this will be the first opportunity for the rail industry to learn more of its plans..

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29 May 2024

Lifetime allowance abolition – an update

The UK Lifetime Allowance (LTA) tax charges ceased to apply from 6 April 2023, and the LTA itself was abolished with effect from 6 April 2024. Rather than a simple abolition, the LTA has, however, been replaced by lump sum allowances which continue to limit the amount of tax-free cash that an individual can receive from registered pension schemes and from some overseas schemes that hold UK tax-relieved amounts.

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