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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.”

The latest edition of Pension Update, providing you with latest news from the Plan and world of pensions is available to view online.

On 30^th October 2024, Chancellor Rachel Reeves delivered the first Budget by the new Labour government. Here’s a breakdown of the key pension points and what they could mean for you.

We are pleased to announce that we have completed our intended changes to the Plan’s lifestyle strategies for DC and DB AVC members. We have therefore been able to lift the transaction blackout ahead of schedule, meaning you can now request investment switches, transfers and new retirement processes as normal.