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

Could an independent commission solve the state pension dilemma?

Could an independent commission solve the state pension dilemma?

'The next government needs to take a step back from political rhetoric'

Rachel Vahey
clock 17 June 2024 • 3 min read
Number of SIPP millionaires up 20% at Hargreaves Lansdown

Number of SIPP millionaires up 20% at Hargreaves Lansdown

Provider has 3,794 SIPP millionaires on its client roster

Jenna Brown
clock 17 June 2024 • 2 min read
Welsh firm declared failed by FSCS over pensions advice

Welsh firm declared failed by FSCS over pensions advice

Claims can now be made against Broadlands Partnership

Isabel Baxter
clock 17 June 2024 • 1 min read