Berwick: 01289 302463

JH Greenwood & Company logo

Pensions

HMRC issues guidance on abolition of pensions lifetime allowance

HMRC issues guidance on abolition of pensions lifetime allowance

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. At the Spring Budget, Chancellor Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully abolished from the 2024/25 tax year via a future Finance Bill, HMRC said. HMRC states that pension scheme administrators

HMRC issues guidance on abolition of pensions lifetime allowance Read More »

Tax burden rises following Autumn Statement

Auto-enrolment has helped workers save £114 billion into pensions

Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP).  The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving

Auto-enrolment has helped workers save £114 billion into pensions Read More »

Up to speed with pensions

Up to speed with pensions

All I know is I’ve put in an amount of money… but how they come to that figure, no idea. HMRC research into public understanding of pensions tax relief found considerable lack of awareness as to how tax and pensions fit together. Broadly, an individual is entitled to make pension contributions and receive tax relief on the higher of £3,600 or 100% of earnings

Up to speed with pensions Read More »

Scroll to Top