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.

The Labour Party may abandon its pledge to reinstate the pensions lifetime allowance (LTA), according to a report in the FT today.

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

The Government has issued a new Financial Bill which includes the legal mechanism for the abolition of the pensions Lifetime Allowance (LTA).