One of the most interesting announcements for our clients included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. This is good news for higher earners and those with large pension pots. The standard tax-free annual pension contribution amount will increase from £40,000 to £60,000 from 6th April 2023.

Changes take effect from the new tax year starting 6th April 2023 and we will be happy to discuss the implications and benefits for you.