The Chancellor recently announced some significant changes to pension tax rules that will majorly impact those saving for retirement. The annual allowance for pension contributions is increasing, and the lifetime allowance – which limited the amount of money individuals could put into their pensions – has been abolished altogether. We’re going to break down these changes so you are all caught up with everything you need to know! Annual Allowances Any contributions to a registered pension scheme greater than an individual’s annual allowance will incur a tax charge. The annual allowance for the 2021/22 and 2022/23 tax years is £40,000; […]
