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

The £22.40 question: Are clients in the dark on the full state pension?

The £22.40 question: Are clients in the dark on the full state pension?

'The political architecture is elegant, from the Treasury's perspective'

James Floyd
clock 05 May 2026 • 3 min read
Alltrust acquires Phoenix Wealth Family Suntrust schemes

Alltrust acquires Phoenix Wealth Family Suntrust schemes

Completion expected later this year

Jenna Brown
clock 29 April 2026 • 1 min read
Government proposes further concession on Pension Schemes Bill mandation

Government proposes further concession on Pension Schemes Bill mandation

Amendment covers pension schemes seeking an exemption

Holly Roach
clock 27 April 2026 • 2 min read