Changes to the pension legislation and how it can benefit you

The moving sands of pension legislation have continued to evolve with the Chancellor making some key changes in 2023 to encourage older healthcare workers to continue working.

These included measures to relax some of the perceived penalties for making new contributions as well as removing the tax penalty for those who were deemed to have too much into their pension.

The good news and your next steps

The good news is that these changes can be of benefit to anyone, regardless of your age, what industry you may or may not work in or your employment status.

It’s now a great time to review your pension to assess whether it is on track to meet your needs and whether you are making full use of the additional tax planning now available.  

Even if you have previously had advice and think you are maximising your tax efficiency, there is good chance even more can be done now.

Approver Quilter Wealth Limited & Quilter Mortgage Planning Limited. 24 July 2023