Labour has pledged to reinstate the pensions lifetime allowance

In recent years I have seen increasing numbers of middle earners who are either close to or have exceeded their lifetime allowance. The lifetime allowance has been frozen for several years and it effectively has acted as a stealth tax in the same way that stamp duty has done for many years.

The change to the allowance should be seen as a positive in my opinion. It should take middle earners away from the potential of getting caught by the allowance as they near retirement the people we are talking about here are teachers, doctors and police officers. It's not the super rich who this change is going to affect.

What the industry needs is clear guidance in this area. Not one party threatening to reverse a change if they are to gain power in eighteen months time.

Removing the lifetime allowance only benefits the more wealthy and a very limited band of higher-earning blue light workers. It will do nothing to encourage people to work longer except perhaps a limited group of execs.
It provides a great way to pass money to family IHT free, again something that disproportionately benefits the wealthiest. This is clearly a policy aimed at Tory heartland voters and Labour will just as clearly attempt to appeal to their core vote by declaring they will abolish it. In the meantime ordinary people will continue to struggle to save for a retirement that seems to be getting further and further away.