Budget pension changes

The government has announced plans to make a number of changes to the UK pension system in the upcoming budget.

• Increasing the state pension age to 67 for both men and women.
• Freezing the lifetime allowance for pension contributions at £1 million.
• Introducing a new tapered annual allowance for pension contributions for high earners.
• Reducing the amount of tax relief that can be claimed on pension contributions for higher earners.

These changes have been met with mixed reactions from the public. Some people believe that they are necessary to ensure the long-term sustainability of the pension system, while others believe that they will unfairly penalize those who are already saving for their retirement.

It is important to note that these changes have not yet been finalized, and they may be subject to further changes before they are implemented.

If you are concerned about the impact that these changes may have on your pension, it is important to speak to a financial advisor.

The government has said that it is committed to ensuring that everyone has a comfortable retirement, and that these changes are necessary to ensure that the pension system is sustainable in the long term.

However, it is important to be aware of the potential impact that these changes may have on your pension, and to make sure that you are taking the necessary steps to prepare for your retirement.

More information:

• The government's website on the pension changes
• Money Advice Service's guide to the pension changes
• Which?'s guide to the pension changes