HNWs not making the most out of increased pension allowance

Only a third have taken advantage of the new £60,000 limit

Isabel Baxter
clock • 2 min read

High net worth (HNW) individuals are not making the most out of the increased pensions annual allowance, according to Saltus.

In April 2023, the pension annual allowance (AA) increased from £40,000 to £60,000 following the announcement in the 2023 Spring Budget. In light of this, data from the Saltus Wealth Index Report, which surveyed 2,000 people with investable assets of over £250,000, revealed that despite 42% of HNW individuals saying they planned to take advantage of the new limit, just a third have. The findings indicated that the majority of HNW individuals (56%) are not utilising the extra £20,000 allowance available to them. Nearly a third of HNW individuals (27%) are contributing above the prev...

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