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For the 2025/26 tax year, the State Pension increased by 4.1%, which is the increase in wage growth.

Buck, the Plan’s Administrator, was acquired by Gallagher in 2023, and officially rebranded in 2024. The administrator email address has now been updated to a Gallagher (AJG) address. 

Planning for retirement is a crucial aspect of financial wellbeing, and one way to potentially enhance your retirement savings or retire earlier than planned is through AVCs. 

Building up a pension remains one of the most tax-efficient ways to save for your future. However, there are limits on how much you can save before incurring a tax charge. Here are the updated allowances for pensions for the 2025/26 tax year.

Even though the LTA has been removed, it might still be possible for you to apply for certain types of protection before 5 April 2025, to get a higher tax-free lump sum than the current limit of £268,275.

“It’s gone. Every fiver I’ve put aside. Every penny I’ve put in the piggy bank. Everything I’ve ever worked for.”