Martin Lewis highlights 'important' pension change that was not mentioned by chancellor
On Monday Chancellor Jeremy Hunt delivered his fiscal statement which introduced a wide range of changes to pensions across the country. This includes a multi-billion pound pensions giveaway in the hopes of bringing people back into the workforce.
According to the Budget paper, the government will increase the annual allowance from £40,000 to £60,000 from 6 April 2023. Individuals will continue to be able to carry forward unused annual allowances from the three previous tax years. The is the most you can save in your pension pots in a tax year before you have to pay tax.
Read more: Price of cigarettes and wine set to increase despite Jeremy Hunt's 'Brexit' pubs guarantee "So currently the annual allowance is £40,000 and this is £4,000. So take any money from your pension and suddenly you can only put £4,000 in it. But in future, the annual allowance is £60,000.
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