Pension News National Audit Office Government's Estimates Of The Impact Of The Pensions Lifetime Allowance 2998114
National Audit Office – Government’s estimates of the impact of the pensions lifetime allowance
09 March 2004
The proposed allowance of £1.4 million would replace the current complex tax arrangements for pensions. These include the so-called earnings cap that has applied to anyone joining a pension scheme since 1989.
The Government estimated that around 5,000 people will have funds exceeding £1.4 million – the proposed allowance – at A-day (6 April 2005, the proposed date of implementation) and would therefore be affected if it were introduced.