Why smart planning makes sense...as April 2025 looms.

Lifetime Allowance (LTA) No Longer Applies

With the abolition of the lifetime allowance charge, those who previously held off on pension contributions due to LTA restrictions can now restart pension savings. Even if individuals exceed the ‘lump sum allowance’ and cannot take further tax-free cash, pension savings remain tax-efficient, offering income tax and capital gains tax (CGT)-free growth.

From April 2027, most pensions will be included in estates for IHT purposes, making the current opportunity for tax-free growth even more valuable—especially given the CGT allowance reductions and the October 2024 rate increases.

Enhanced and Fixed Protection Holders Can Contribute Again

Individuals with enhanced or fixed protection previously had to halt pension contributions to maintain a higher LTA. However, since April 2023, they have been allowed to resume pension funding without invalidating their protection. Those who did not contribute last year may be able to use the carry forward rule to add up to £200,000 in pension contributions this tax year.

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