Martin Lewis has pointed out a vital change to pensions that was not mentioned in the Spring Budget. On Monday (March 15) 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. However, there was one other big change which the Chanellor did not mention in Parliament - which also aims to encourage older people to continue working, according to Mr Lewis.
The money-saving expert pointed out that people in certain circumstances will be able to put more money into their pensions.
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.
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