Mar 14, 2023

Budget to boost lifetime allowance for pension savings

Jeremy Hunt will use his Budget to boost the lifetime allowance for pension savings of up to £1.8m a year to encourage people to keep working. The Chancellor could also increase the £40,000 annual cap on tax-free contributions to pensions. It is expected millions could benefit from the rise - which would address government concerns that people earning higher wages retire earlier, particularly doctors and consultants. Currently, the so-called lifetime allowance - the amount you can accumulate in your pension pot before extra tax charges - is £1.07m. Mr Hunt will outline his Spring Budget to Parliament on Wednesday.

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