The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from April 2023. In September 2021, the...
Auto enrolment for care workers
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot.
The law states that employers must automatically enrol workers
Pension triple-lock abandoned for one year
The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one year. The guarantee was first introduced in 2010 and has remained in place until now. This guarantee has seen the full yearly State Pension increase by
Covering pension contributions with unused allowances
The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners.
What is net income for pension relief purposes?
The lifetime allowance is the maximum amount of pension and/or lump sum that benefits from tax relief. The lifetime allowance is currently set at £1,073,100. The annual allowance for tax relief on pensions is currently £40,000 and there is a three