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Expats in Australia hit by £250K lifetime allowance cap

Expats in Australia hit by £250K lifetime allowance cap

British expats living in Australia could see their retirement plans derailed following legislation curbing the amount they can save into their pensions. International Adviser reported last week that the Australian government has introduced a lifetime cap of A$500,000 (£260.5k, $381.2k, €331.9k) on after tax or non-concessional contributions made into a superannuation scheme – a state-backed savings arrangement where people invest in funds that will replace their income on retirement. Please link to International Adviser to read the full article by Monira Matin.

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