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 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

Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read
What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read