Savings warning as millions to face higher tax bills from tomorrow – what to do now | Personal Finance | Finance

In his spring Budget, Chancellor Jeremy Hunt decided to abolish the Lifetime Allowance (LTA) – the amount people can save into their pension throughout their lifetime while still benefiting from tax relief.

Alongside this, there has been an increase in the annual allowance, permitting Britons to save more into their pension next year.

However, with these rule changes, understanding what actions could be taken with one’s pension are key.

Ms Lowe continued: “Details are still emerging but from April 6, 2023, people who had stopped contributing because of being close to, or over the lifetime allowance, or who had a form of protection that stopped them paying in, will be able to recommence funding using the increased £60,000 annual allowance without the worry of incurring a lifetime allowance charge.