AON Reference

  • Tax Allowance Changes
  • Minimum Pension Age Increasing
  • Pension Scams
  • Annual Allowance

Tax Allowance Changes

New pensions tax allowances

New pensions tax allowances

New pensions tax allowances

New pensions tax allowances

New pensions tax allowances

APRIL
06
2024
In the 2023 Spring Budget the Chancellor announced the removal of the Lifetime Allowance (LTA), the limit on total pension benefits that could be accrued without incuring a tax charge. This was done in two stages: the lifetime allowance charge was removed from 6 April 2023; and the LTA is completely abolished from 6 April 2024.
In the 2023 Spring Budget the Chancellor announced the removal of the Lifetime Allowance (LTA), the limit on total pension benefits that could be accrued without incuring a tax charge. This was done in two stages: the lifetime allowance charge was removed from 6 April 2023; and the LTA is completely abolished from 6 April 2024.
In the 2023 Spring Budget the Chancellor announced the removal of the Lifetime Allowance (LTA), the limit on total pension benefits that could be accrued without incuring a tax charge. This was done in two stages: the lifetime allowance charge was removed from 6 April 2023; and the LTA is completely abolished from 6 April 2024.
In the 2023 Spring Budget the Chancellor announced the removal of the Lifetime Allowance (LTA), the limit on total pension benefits that could be accrued without incuring a tax charge. This was done in two stages: the lifetime allowance charge was removed from 6 April 2023; and the LTA is completely abolished from 6 April 2024.
In the 2023 Spring Budget the Chancellor announced the removal of the Lifetime Allowance (LTA), the limit on total pension benefits that could be accrued without incuring a tax charge. This was done in two stages: the lifetime allowance charge was removed from 6 April 2023; and the LTA is completely abolished from 6 April 2024.

More Information

Pension Tax Allowances
Pension Tax Allowances

Minimum Pension Age Increasing

Increase to Normal Minimum Pension Age (NMPA)

Increase to Normal Minimum Pension Age (NMPA)

Increase to Normal Minimum Pension Age (NMPA)

Increase to Normal Minimum Pension Age (NMPA)

Increase to Normal Minimum Pension Age (NMPA)

APRIL
06
2028
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.

The NMPA is currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.

The NMPA is currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.

The NMPA is currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.

The NMPA is currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.

The NMPA is currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.

Pension Scams

DECEMBER
25
2024

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority and Pensions Regulator suggest following four simple steps.

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority and Pensions Regulator suggest following four simple steps.

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority and Pensions Regulator suggest following four simple steps.

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority and Pensions Regulator suggest following four simple steps.

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority and Pensions Regulator suggest following four simple steps

Protect yourself from pension scams

Find out more
Find out more

Annual Allowance

APRIL
06
2024

Annual Allowance

In the current tax year (2024/25), the annual allowance is capped at £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable.
In the current tax year (2024/25), the annual allowance is capped at £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable
In the current tax year (2024/25), the annual allowance is capped at £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable
In the current tax year (2024/25), the annual allowance limit is £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable.

Your annual allowance may be reduced if you’ve already taken taxable money from your pension pot (known as the money purchase annual allowance) or have income of £200,000 or more from 6 April 2020 (known as the tapered annual allowance). It may also be possible to contribute more than your annual allowance and still benefit from the tax relief by using unused allowance from up to the three previous tax years (known as carry forward).
In the current tax year (2024/25), the annual allowance limit is £60,000 and applies across all your pension savings (excluding State Benefits). If the contributions to your pensions exceed the annual allowance, a tax charge ('the annual allowance charge') may become payable.

Your annual allowance may be reduced if you’ve already taken taxable money from your pension pot (known as the money purchase annual allowance) or have income of £200,000 or more from 6 April 2020 (known as the tapered annual allowance). It may also be possible to contribute more than your annual allowance and still benefit from the tax relief by using unused allowance from up to the three previous tax years (known as carry forward).
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