The most recent Finance Bill, which sets out the legislation required to abolish the lifetime allowance, completed its House of Commons stages and had its first reading in the Lords on February 6, 2024. It is expected to complete all its Parliamentary stages by February 21, 2024.

Somewhat surprisingly, having said they would reverse the legislation if they won the next General Election, the Labour Party did not oppose the Bill in the House. The Opposition has, however, published a Plan for Financial Services which sets out in general terms only its intentions for an "in-Government pensions and retirement savings review".

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