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Russell Laver, Pensions Partner at EY, comments on the pension allowance changes announced at the Chancellor’s Spring Budget:
“The £20,000 increase in the annual pension allowance to £60,000 represents a welcome reversal after years of reductions and should encourage a greater number of people to put more into their pension pot. However, while the increase will benefit high earners, it will have no impact for the majority of the UK population.
“The abolishment of the standard Lifetime Allowance (LTA), which previously stood at around £1m per individual, will also be welcomed by high earners who still have many years to build up retirement savings. Although it will be less beneficial for those high earners who have opted out of pensions due to previous protections and who only have a few years to retirement, as they would likely end up breaching the Annual Allowance, and will not benefit lower earners.
“These are wholesale and complex changes, and savers who can benefit should consider taking professional advice to ensure they are planning effectively for their retirement.”