Important information here
Martin Lewis has spoken about the pension changes announced in the 2023 spring Budget. The Money Saving Expert shared that the amount people can put in their pension once they have begun drawdown has changed.“PLUS he didn't say but money purchase allowance up from £4k to £10k. This is the amount you can put in your pension once you've already taken some of it.
Martin also pointed out that the increase to the pension annual allowance and the scrapping of the lifetime allowance that Chancellor Jeremy Hunt mentioned. The annual allowance will increase from £40,000 to £60,000 from April 6, 2023, with three years carry forward remaining. Getting rid of the lifetime allowance coupled with increasing the annual allowance by 50% to £60,000 will be particularly beneficial to higher earners. He said: “But while not mentioned in his speech, the change which will benefit the greatest number of individuals is the increase in the little known MPAA which will support a greater number of over 55s staying in or returning to the workplace.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis shares 'secret' code that could help you save money on medicineMARTIN Lewis has shared a little-known “secret” code that could save you money when buying over-the-counter medicines. The money saving expert, 50, revealed the tip on a recent episode of his Money…
Read more »
Martin Lewis issues warning to everyone with a workplace or private pensionIt is crucial that people paying into a pension make sure it goes to the right person if they die.
Read more »
Martin Lewis explains what the energy price cap extension means for your billsThe government announced that it will postpone the rise of the Energy Price Guarantee today
Read more »
Martin Lewis reveals how to bag FIVE Odeon cinema tickets for just £25MARTIN Lewis has revealed how Brits can get their hands on five cinema tickets for just £25 this month. The money-saving expert broke down some of the best deals of the week – inclu…
Read more »
Martin Lewis shares 'unpleasant' warning for any couples who live togetherThe consumer expert shared a stark warning on the latest episode of his ITV money show.
Read more »
Martin Lewis 2 week warning to beat prescription rise and save hundredsThe cost of a prescription is going up in two weeks but a new scheme can save some hundreds
Read more »