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ARTICLE · 27 APRIL 2023

The Pensions Brief: March 2023

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The Pensions Brief: March 2023

United KingdomEmployment and HR
Edward Jewitt
Edward Jewitt
Katherine Carter
Katherine Carter
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Issues affecting all schemes

Spring Budget 2023 – significant pensions tax changes

The Spring Budget included the following pensions-related announcements:

  • The lifetime allowance (LTA) will be abolished from 6 April 2024. In the meantime, the LTA charge will be removed from 6 April 2023.
  • The annual allowance (AA) will be increased from £40,000 to £60,000 from 6 April 2023.
  • The minimum level of the tapered AA will be increased from £4,000 to £10,000 from 6 April 2023. The adjusted income threshold for the tapered AA will also be increased from £240,000 to £260,000 from 6 April 2023.
  • The money purchase AA (MPAA) will be increased from £4,000 to £10,000 from 6 April 2023.

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