Spring Budget 2023—key Pensions announcements and views from the market

Article summary

In the Spring Budget 2023, on 15 March 2023, the Chancellor of the Exchequer, Jeremy Hunt, set out the government’s key priority to grow the economy, including extending the working lives of over 50s by increasing tax relief on pensions. The key pensions tax reforms in force from 6 April 2023 include abolishing the lifetime allowance charge, increasing the annual allowance from £40,000 to £60,000, and increasing both the money purchase annual allowance and minimum tapered annual allowance from £4,000 to £10,000. The government has also announced that a publication will shortly be released on the NHS long-term workforce strategy, the mid-life MOT strategy will be enhanced, a new Long-term Investment for Technology and Science (LIFTS) initiative will be launched to bolster investment from defined contribution (DC) pension schemes, and an accelerated transfer of the £364bn Local Government Pension Scheme (LGPS) assets into pools will be pursued to support increased investment in...