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 »
A big topic of discussion recently has centred around the increase to the Normal Minimum Pension Age (NMPA) from 55 to 57 from 6th April 2028. The intention is then that the NMPA tracks 10 years behind the State Pension Age – so, under current plans, we can expect this to increase. The NMPA is
Changes to Normal Minimum Pension Age in Public Sector Defined Benefit Schemes 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 »
This is the first of a regular series of technical updates. These will typically focus on those schemes we work with most frequently. This includes the NHS Pension Scheme, the Civil Service Pension and the Local Government Pension Scheme. NHS Pensions Within the last month, NHS Pensions have issued the following letter to members of
