Pension allowance reform praised by industry but cost and impact of measures questioned
Chancellor says package of measures will be unveiled in the autumn
LTA abolished, AA rises to £60,000 and both MPAA and MTAA increased to £10,000
Some fear the government could alter inheritance tax rules or hike the minimum pensions age to 60
Reports say LTA could increase from £1m to £1.8m and the AA from £40,000 to £60,000
Move would boost growth and deliver better outcomes for pensions and the economy
Daily Mail says lifetime and annual allowances among those that will increase
Chancellor Rishi Sunak will deliver his mini-budget later today
The November Budget will not go ahead due to the ongoing coronavirus crisis, according to reports.
The government has admitted it has never provided a “straightforward and proportionate” solution to the challenges in the current pensions tax relief system in a call for evidence this morning (21 July).