Spring Budget 2023

Lifetime allowance on pension saving scrapped in yesterday’s Budget

Proceeds from the gilt to be used in conjunction with Green Financing Framework

Pension allowance reform praised by industry but cost and impact of measures questioned

Chancellor says package of measures will be unveiled in the autumn

Chancellor announces 12 new investment zones and £400m for new partnerships

The government will consult on the transfer of all listed LGPS assets to pools by March 2025

LTA abolished, AA rises to £60,000 and both MPAA and MTAA increased to £10,000

Some fear the government could alter inheritance tax rules or hike the minimum pensions age to 60

Reports say LTA could increase from £1m to £1.8m and the AA from £40,000 to £60,000

Move would boost growth and deliver better outcomes for pensions and the economy