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Martin Lewis highlights 'important' pension change that was not mentioned by chancellor
16.03.2023 - 17:19 / manchestereveningnews.co.uk
Martin Lewis has pointed out a vital change to pensions that was not mentioned in the Spring Budget.
On Monday (March 15) Chancellor Jeremy Hunt delivered his fiscal statement which introduced a wide range of changes to pensions across the country. This includes a multi-billion pound pensions giveaway in the hopes of bringing people back into the workforce.
However, there was one other big change which the Chanellor did not mention in Parliament - which also aims to encourage older people to continue working, according to Mr Lewis. The money-saving expert pointed out that people in certain circumstances will be able to put more money into their pensions.
According to the Budget paper, the government will increase the annual allowance from £40,000 to £60,000 from 6 April 2023. Individuals will continue to be able to carry forward unused annual allowances from the three previous tax years. The is the most you can save in your pension pots in a tax year (6 April to 5 April) before you have to pay tax.
The money purchase annual allowance (MPAA) will also be increased from £4,000 to £10,000 and the minimum tapered annual allowance from £4,000 to £10,000 from 6 April 2023. The MPAA replaces your annual allowance after you’ve started to draw your pension pot.
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Mr Lewis said: "I think perhaps the most interest change to pensions, though, is one he didn't mention, which is the money purchase allowance is going up from £4,000 a year to £10,000 a year. Now, what that means, that's the amount that those people who've already taken some pension money are allowed to put in their pensions.
"So currently the annual allowance is
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