What the Spring Budget pension changes mean for clients

'Fantastic news for those still saving for their retirement'

clock • 4 min read

Dave Downie looks at the multitude of pension tax allowance changes delivered in the Budget and explains what it means for clients...

The Chancellor has removed a major headache for advisers with the announcement that he is scrapping the lifetime allowance (LTA). In our research last year, 39% of advisers said removing the LTA would be the most helpful tax and pension planning simplification for them and their clients. On Wednesday, they got their wish. In addition to removing the cap on lifetime pension savings he also increased the amount that can be paid in ‘tax free', raising the annual allowance (AA) from £40,000 to £60,000.          These measures are part of the government's growth plans to get more people ba...

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

SSASs and developing property: Everything advisers need to know

SSASs and developing property: Everything advisers need to know

Property development within a SSAS ‘huge benefit for SME business owners’

Jenna Brown
clock 12 March 2025 • 5 min read
First three firms complete pensions dashboards ecosystem connection

First three firms complete pensions dashboards ecosystem connection

Heywood, L&G and Pension Fusion have completed final stages required to connect

Holly Roach
clock 05 March 2025 • 3 min read
Post-Budget IHT planning: Gifting options in light of pension changes

Post-Budget IHT planning: Gifting options in light of pension changes

Withdrawals need to be spent, sheltered or gifted

Andrew Tully
clock 03 March 2025 • 4 min read