The annual allowance will be cut from £255,000 to £50,000; the lifetime allowance reduced from £1.8m to £1.5m, and the factor for valuing final salary benefits increased from 10 to 16, the Treasury has announced.
It said this would replace the "complex proposal" legislated for by the last government in the Finance Act 2010. The Treasury said the measure would raise £4bn a year and would help reduce the "...
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