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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Just Group to exit direct-to-consumer business following Brookfield acquisition

Just Group to exit direct-to-consumer business following Brookfield acquisition

Move could lead to redundancies across the business

Holly Roach
clock 24 April 2026 • 1 min read
Government scales back mandation power proposals in Pension Schemes Bill amendment

Government scales back mandation power proposals in Pension Schemes Bill amendment

Bill continues through parliamentary 'ping pong' process

Holly Roach
clock 22 April 2026 • 2 min read
Pension providers called to fix consumer vulnerability gaps before targeted support rollout

Pension providers called to fix consumer vulnerability gaps before targeted support rollout

Pensions industry ‘well off the pace’ on vulnerability

Isabel Baxter
clock 22 April 2026 • 3 min read