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Lifetime allowance must be fair – ABI

The ABI has reminded Chancellor Gordon Brown that any decisions he makes about the proposed £1.4bn pension fund lifetime allowance must be both balanced and fair for present and future savers.

Head of pensions and savings Joanne Segars says: “It is essential that the current complex and unwieldy tax regime governing pension funds is simplified and the introduction of a lifetime allowance will make it easier for consumers to understand pensions, and employers to set up schemes.

“This measure is designed to help the majority. But to ensure it will work the limit must be regularly reviewed, in particular to take account of increased longevity.”

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When is £1m not £1m?

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