New pension annual allowance rules from April 2023

From 6th April 2023 the annual allowance increases from £40,000 to £60,000 each tax year. That’s a 50% increase which will provide many people with an opportunity to boost their pension pots.

Here’s a summary of how the annual allowance works and when the lower Tapered Annual Allowance or Money Purchase Annual Allowance come into play.

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