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Autumn statement pension changes

The Chancellor has today announced the following changes to pensions in his Autumn statement:

  • The basic state pension will increase by £2.70 a week to £110.15 a week from 6 April 2013.
  • The lifetime allowance (the amount you can save in your pension without tax penalties) will reduce from £1.5 million to £1.25 million with effect from 6 April 2014. The Government will allow people to apply to protect their pension pot after this legislation comes into force, which is expected to be summer 2013.
  • The annual allowance (the tax-relieved amount you and your employer can together pay into pensions) will reduce from £50,000 to £40,000 with effect from 6 April 2014.
  • The maximum amount of income that can be drawn from a pension under the 'capped drawdown' rules will increase from 100% of the equivalent annuity to 120% of the equivalent annuity.

 We will put further details on our news service in due course.

Read more here.

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