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DebateGeneral CommitteeTuesday, 16 June 202616:30

Fourth Delegated Legislation Committee: The draft Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026

Parliamentary debate

This delegated legislation committee will scrutinise draft regulations that abolish the lifetime allowance charge on pensions from 2026. The lifetime allowance was a cap on total pension savings that triggered a tax charge if exceeded; abolishing it removes this tax penalty and simplifies the pensions system. The committee will examine whether the regulations correctly implement the policy and whether they create any unintended consequences for pension savers and administrators.

This affects millions of UK pension savers and retirees, particularly higher earners and those with defined-benefit pensions who were previously caught by the lifetime allowance charge. Removing the charge is estimated to benefit savers who exceeded the allowance and to reduce administrative burden on pension providers. The change represents a material shift in pension taxation and could encourage higher pension contributions among affluent savers.

Tax & Public FinancesJobs & Employment

MPs most likely to speak

Pat McFaddenLabour Party

Wolverhampton South East

Dan TomlinsonLabour Party

Chipping Barnet

Dame Harriett BaldwinConservative and Unionist Party

West Worcestershire

Lucy RigbyLabour Party

Northampton North

Sir Stephen TimmsLabour Party

East Ham

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