Spring Budget 23: Annual allowance rise 'exciting' for advice

Chancellor increased AA to £60,000 in Spring Budget speech

Jenna Brown
clock • 5 min read

The increase to the pension annual allowance (AA) from £40,000 to £60,000 announced in the Spring Budget is “exciting news” for advice with clients already contacting firms with queries.

Chancellor Jeremy Hunt unveiled a series of changes to pension taxation limits in today's (15 March) speech, with the abolition of the lifetime allowance (LTA) and increases to the AA and money purchase annual allowance (MPAA). Investment Quorum chief executive Petronella West (pictured) said: "These changes will help simplify the pension system again and actively encourage people to invest more in their future. "Our clients have reacted positively to this news and have already started asking us whether they should put more money into their pensions. This is very welcome and exciting ...

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