Budget: Chancellor abolishes lifetime pension allowance saying ‘no one should be pushed out of the workforce for tax reasons’

Chancellor Jeremy Hunt has abolished the pension lifetime allowance and increased the annual tax free pension allowance by 50 per cent to £60,000 a year. The Chancellor has abolished the lifetime allowance on tax-free pensions savings, which stood at £1 million. The measure was one of several unveiled in the Budget and aimed at encouraging [...]