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...

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