![New pension tax framework - May 2024](/images/ww/_resized/2024_05-Image-12_332_220_0_0_900_596.jpg)
New pension tax framework - May 2024
Beginning on 6 April 2024, a pivotal shift in pension benefit taxation commenced. The Lifetime Allowance (LTA) was replaced by a new structure comprising three distinct allowances: the Lump Sum Allowance (LSA), Lump Sum and Death Benefit Allowance (LSDBA), and Overseas Transfer Allowance (OTA).