Government publishes Spring Finance Bill for pensions tax changes

Bill legislates for the pensions tax changes announced last week

Holly Roach
clock • 1 min read

The government has published its Spring Finance Bill, setting out how it will deliver the recently announced changes to pensions tax.

The bill legislates for the pensions tax changes that were announced in the 2023 Spring Budget on 15 March to support individuals to stay in work. Among the plans announced by the government were the abolishment of the lifetime allowance (LTA) and increases to  the annual allowance (AA) and the money purchase annual allowance (MPAA). Changes to the LTA, AA and the MPAA are set to come into force from 6 April 2023, and the Spring Finance Bill looks at how the changes will be delivered. The Office for Budget Responsibility estimated round 15,000 individuals will remain in the labour ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Despite being ‘potentially lucrative’

Isabel Baxter
clock 30 September 2024 • 4 min read
Failed Hartley Pensions clients face months-long SIPP transfer document delays

Failed Hartley Pensions clients face months-long SIPP transfer document delays

Frustrated client notes that communications were promised from April to June

Isabel Baxter
clock 29 August 2024 • 3 min read
British Steel pensions transfer advice debacle in numbers

British Steel pensions transfer advice debacle in numbers

‘The FCA continues to pursue those who gave poor advice’

Isabel Baxter
clock 29 July 2024 • 3 min read