New figures from HMRC have revealed that pensions lifetime allowance (LTA) penalty charges added a record £516m to the Treasury’s coffers in 2022-23, the last full year before it was abolished in April this year.

Too many unanswered questions on the Lifetime Allowance axe are causing disruption for retirees, according to a new report from pension consultants LCP.

HMRC has said that it intends to issue a second set of regulations changing the legislation governing the lifetime allowance abolition.

M&G Wealth has added a new tool help advisers calculate whether their clients could benefits from a Transitional Tax-Free Amount Certificate ahead of the abolition of the Lifetime Allowance (LTA) in April.