16 October 2019

We need urgent reform of ridiculous web of tax allowances – Royal London

Commenting on today’s CPI figure which is used to set the Lifetime Allowance, Helen Morrissey, pension specialist at Royal London, said:

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Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Commenting on today’s CPI figure which is used to set the Lifetime Allowance, Helen Morrissey, pension specialist at Royal London, said:

“Today’s 1.7% CPI figure sees the lifetime allowance boosted to approximately £1.073m but the annual allowance remains frozen at £40,000. This exposes the real lack of joined up thinking when it comes to this ridiculously complex web of tax allowances and highlights the need for urgent reform.”

Notes to Editors

Today’s CPI stats can be found here:

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/september2019

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.