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One of the biggest talking points from the March 2023 budget was the removal of the Lifetime Allowance. The Lifetime Allowance had been in place since 2006 and is, in very basic terms, the Lifetime tax free limit on someone’s pension savings. At retirement if the value of the pension benefits exceeded this allowance, then […]
Lifetime Allowance Read More »
The Chancellor’s Spring 2023 budget took place on 15th March 2023. It was a huge surprise that there have been a significant amount of pension changes including within this budget. These are summarised below: Increase of the Annual Allowance from £40,000 to £60,000. This means that the growth in your annual pension can be up
Budget 2023 – Annual/Lifetime Allowances Read More »
The current rate of inflation and the threat of future inflation rises underpinned this year’s Spring statement. In this context, the Chancellor’s decision to reduce petrol duty by five pence in the pound should be welcomed. As should his unexpected changes to the National Insurance (NI) threshold and the planned reduction in basic rate income
Spring Statement 2022 Read More »
Being a pensions engagement business, yesterday’s budget was relatively light on the issues facing our clients. The main pensions features were: The Chancellor confirmed the triple lock mechanism would be abandoned, at least for one year. This means that the confirmed rate of increase to state pensions from April 2022 will be 3.1%. The government
Budget – October 2021 Read More »
It was confirmed in the budget today that the Lifetime Allowance (LTA) will be frozen at a level of £1,073,100. Prior to this April it has been increased annually by CPI. So, what does this mean? What is the LTA? The LTA is the pensions tax free limit on savings. Essentially, the value of someone’s
Budget 2021: Pensions Update Read More »
