The great pensions unlock: Unpicking the chancellor's changes

Things sure have changed up here on pensions mountain

clock • 5 min read

Lee Halpin reflects on the last Budget which some could view as the 'great pensions unlock' - but are they right?

Now we have had a little time to digest the budget changes and assess how it will affect clients, let's have look at the key points. There's been a lot of tinkering - is it the great pensions unlock? Annual allowances (AA) Firstly, with the annual allowance rising from £40,000 to £60,000, the amount most clients can contribute to their pension each year has increased by 50%. Whilst the rise only applies from the tax year 2023/2024 onwards, this will be a significant increase as time goes on. By the tax year 2027/2028, for example, an individual who has been a member of a pension sch...

To continue reading this article...

Join Professional Adviser

  • 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

Be careful what you wish for: LTA abolition concerns

Be careful what you wish for: LTA abolition concerns

'What are we to do, given the uncertain future?'

Carl Lamb
clock 02 June 2023 • 4 min read
DB pension transfer activity falls to lowest level in nine months

DB pension transfer activity falls to lowest level in nine months

Transfers fell by almost 12% in April, according to analysis

Jenna Brown
clock 25 May 2023 • 1 min read
How to help clients navigate the pension consolidation process

How to help clients navigate the pension consolidation process

Consolidating pensions may enable clients to pay less in costs

Pete Hykin
clock 16 May 2023 • 3 min read