The Labour Party has decided to abandon its plans to reintroduce the tax-free pensions lifetime allowance, a move that represents an £800 million U-turn. This decision, announced ahead of the General Election 2024, is expected to be welcomed by wealthier savers, including NHS consultants, hospital consultants, headteachers, and police chiefs. The British Medical Association (BMA) has expressed delight over the decision. However, Rachel Reeves, who previously criticized the removal of the lifetime allowance, will face questions regarding this reversal.
Labour drops plan to reintroduce pension saving cap https://t.co/CTDRpZo90z
Britain’s Labour opposition has scrapped plans to reintroduce a tax-free limit on pension saving https://t.co/LyWIKgsVbE via @bpolitics @BloombergUK @PhilAldrick
Labour Abandons Plans to Reintroduce Pensions Lifetime Allowance in £800 Million U-Turn Ahead of General Election 2024 https://t.co/nWQe2kS7ZF
New: Labour abandons plans to bring back pensions lifetime allowance, in an £800mn U-turn Move will be welcomed by wealthier savers including hospital consultants & headteachers... But Rachel Reeves will face Qs about the decision, having previously criticised removal of the…
New - £800m Labour tax U-turn as @RachelReevesMP decides not to hit pension pots of wealthier people - eg NHS consultants, headteachers, police chiefs. Lifetime allowance won't be coming back after all. BMA delighted. With @JosephineCumbo https://t.co/DPrKncFZbl
Labour has abandoned plans to bring back the pensions lifetime allowance, in an £800mn U-turn which will be welcomed by wealthier savers including hospital consultants and headteachers scoop via @GeorgeWParker https://t.co/C98g2Jtxws
SCOOP: Labour has abandoned plans to bring back the #pensions lifetime allowance https://t.co/CUK39UKWmn via @ft @GeorgeWParker #GeneralElection2024 #LTA
Labour abandons plans to bring back lifetime cap on tax-free pensions savings https://t.co/RkHuEocL1t