PIMFA welcomes abolition of pensions lifetime allowance

15 March 2023

PIMFA welcomes abolition of pensions lifetime allowance

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, has welcomed the Chancellor’s announcement in the Budget today (15 March 2023) of the abolition of the personal pensions lifetime allowance and the increase to the annual allowance to £60,000.

Simon Harrington, Head of Public Affairs at PIMFA, commented: “PIMFA is committed to building a culture of saving and investment in the UK. The steps taken by the Chancellor today in abolishing the personal pension lifetime allowance and raising the annual allowance to £60,000 will, in our view, provide consumers with the right incentives to both save for the future while also ensuring that some are not forced to make a decision between saving and investing and remaining in the workplace.

“It is right, in our view, that having been frozen for so long, these allowances are reformed to reflect the modern day and we would encourage the Government to keep the annual allowance under review on a regular basis. Going forward, it is vital that any future policy should not negatively impact on the ability of people to save and invest and we would encourage the Government to look at other areas – particularly those that disincentivise individual share ownership – in future.”

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NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225