UK Budget - Pensions

[PhotoLady]

We watched the almost 60 minute presentation this afternoon on TV but heard nothing about Pensions....

Anyway, I just came across this info:
The state pension will rise by 2.5% in the 2021-22 tax year, equating to a boost of £228.80.

Meanwhile the Chancellor, Rishi Sunak, announced in today’s Budget that the pensions lifetime allowance (LTA) – the total amount you can save into private pensions without incurring a hefty tax charge – will be frozen at £1,073,100 until April 2026.

He left the core pension tax relief system unchanged, despite considerable speculation that the government would make it less generous.

More details through the link: https://www.which.co.uk/news/2021/03/bu ... se-by-2-5/

[Jim B]

This was also in the Budget, interesting.

https://www.bbc.co.uk/news/uk-politics-56265898

[PhotoLady]

Ah yes, this was posted on a FB group I'm a member of but many of the group are taking it with a pinch of salt saying it's not the first time it has been intimated.

Funny how it's being buzzed now though

[BOB Peyia]

Not looking so good in the coming years for the middle classes and self employed with tax hikes on the way to pay for Covid.

Fair play to the chancellor; for being honest enough to forewarn everyone

[PhotoLady]

Or the freeze on the personal taxable income allowance for 5 years so anyone in lower income levels are effectively getting a salary cut.
Prices are increasing, council taxes, utility bills etc - all going up but accessible income won't grow accordingly in line with the cost of living.