Jeremy Hunt delivered his first spring budget today, outling his tax and spending plans for the year ahead. And while significant reforms to the pensions system were expected, after rumours surfaced earlier this week, the chancellor’s decision to scrap the pension lifetime allowance (LTA) caught everyone by surprise.
That’s not to say the surprise was an unpleasant one. The LTA has attracted controversy ever since its introduction in 2006 because of the heavy tax penalties levied for breaching it, and many have already expressed their delight at its removal.
The reason behind this decision, plus other measures within the 2023 spring budget such as childcare support, is to stop people retiring early or entice them back to work. Hunt claims this will spur economic growth.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.