27 Apr 2023 | General News
In the recent budget, the Chancellor announced changes to the taxation of pensions including:
- The additional tax on overall pension savings above a certain limit (the Lifetime Allowance) has been removed.
- The maximum additional pension you can build up tax free each year (the Annual Allowance) has increased.
(Please note that as you are no longer building up benefits in the GEPP or GECPS, these benefits do not count towards your Annual Allowance.)