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.