BudgetMar 23 2023

Guide to pension tax and the Budget

pfs-logo
CPD
Approx.30min
  • Describe some of the changes to the pension tax system
  • Identify the impact this will have on tax saving
  • Explain the significance for financial advisers

Guide to pension tax and the Budget

  • Describe some of the changes to the pension tax system
  • Identify the impact this will have on tax saving
  • Explain the significance for financial advisers
pfs-logo
CPD
Approx.30min
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Introduction

By Melanie Tringham
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The Budget last week took everyone by surprise when Jeremy Hunt announced the abolition of the lifetime allowance.

While Labour immediately announced they would bring it back if they came into office, for now it has dramatically altered the pension landscape. 

There were other changes too, to the annual allowance and money purchase annual allowance, all providing a more benign landscape for pension saving.

This could have consequences for the assets people invest in, the size the pension pot grows to over one's lifetime, and the consequences of that for financial planning.

This guide is worth an indicative 60 minutes of CPD.