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Budget 2023 – So What for Pensions?

As trailed extensively in the media, the Chancellor today confirmed changes to pension taxation rules in his Budget Statement.

From April ’23 Annual Allowance* will increase from £40,000 to £60,000 and Lifetime Allowance** will be abolished completely.

This is a positive development and one we have been lobbying for several years – read more.  The changes to Annual Allowance will mean fewer Armed Forces people will be caught in the so-called pensions tax trap, and we will monitor in the future the effect that the increased threshold will have. 

You can read the full Spring Budget 2023 Statement here.

*Annual Allowance – the most you can save in your pension pots in a tax year before you have to pay tax

**Lifetime Allowance – the maximum amount you can draw from pensions – workplace or personal – in your lifetime without paying extra tax

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