Wesleyan Financial Services shares the key changes to pension allowances that have come into effect in the 2023/24 tax year and what this means for your retirement plans.
With Pension Awareness Day on the horizon, it’s time to dispel some of the financial jargon surrounding pensions so that you can take control of your retirement.
In this year’s Spring Budget, it was announced that from April 2023 no one will face a Lifetime Allowance (LTA) charge. This new measure was introduced with the aim of retaining experienced healthcare professionals within the NHS to support the buckling service.
There have also been several increases to pension tax limits, including the Annual Allowance (AA), Tapered Annual Allowance and Money Purchase Annual Allowance.
Despite the complex-sounding tax limit titles, this simply spells good news for all who are looking to save for the long term, as pension savings offer some excellent tax-saving efficiencies.
Find out more in Wesleyan Financial Services’ bitesize video above, breaking down the key changes that may impact your retirement planning.
Ready to pay your pension some attention?
Keep your eyes peeled for Pension Awareness Week where more content will be shared with the aim of helping you maximise your retirement income.
If you want to know more about how pension allowance changes affect you and what you can do with your pension in response, you can book a no-obligation financial review with a specialist financial adviser at Wesleyan Financial Services no matter what stage you are in life’s journey.