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Martin Lewis has spoken about the pension changes announced in the 2023 spring Budget. The Money Saving Expert shared that the amount people can put in their pension once they have begun drawdown has changed.“PLUS he didn't say but money purchase allowance up from £4k to £10k. This is the amount you can put in your pension once you've already taken some of it.
Martin also pointed out that the increase to the pension annual allowance and the scrapping of the lifetime allowance that Chancellor Jeremy Hunt mentioned. The annual allowance will increase from £40,000 to £60,000 from April 6, 2023, with three years carry forward remaining. Getting rid of the lifetime allowance coupled with increasing the annual allowance by 50% to £60,000 will be particularly beneficial to higher earners. He said: “But while not mentioned in his speech, the change which will benefit the greatest number of individuals is the increase in the little known MPAA which will support a greater number of over 55s staying in or returning to the workplace.
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