HNWs not making the most out of increased pension allowance

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...