This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-64949083
The article has changed 15 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Budget to boost lifetime allowance for pension savings | Budget to boost lifetime allowance for pension savings |
| (32 minutes later) | |
| Jeremy Hunt will use his Budget to boost the lifetime allowance for pension savings of up to £1.8m a year to encourage people to keep working. | Jeremy Hunt will use his Budget to boost the lifetime allowance for pension savings of up to £1.8m a year to encourage people to keep working. |
| The Chancellor could also increase the £40,000 annual cap on tax-free contributions to pensions. | The Chancellor could also increase the £40,000 annual cap on tax-free contributions to pensions. |
| It is expected millions could benefit from the rise - which would address government concerns that people earning higher wages retire earlier, particularly doctors and consultants. | It is expected millions could benefit from the rise - which would address government concerns that people earning higher wages retire earlier, particularly doctors and consultants. |
| The Treasury said it will not comment. | The Treasury said it will not comment. |
| Currently, the so-called lifetime allowance - the amount you can accumulate in your pension pot before extra tax charges - is £1.07m. | Currently, the so-called lifetime allowance - the amount you can accumulate in your pension pot before extra tax charges - is £1.07m. |
| Mr Hunt will outline his Spring Budget to Parliament on Wednesday. | Mr Hunt will outline his Spring Budget to Parliament on Wednesday. |
| UK economic growth has flatlined in recent months and the Bank of England expects the UK to enter a recession this year. Many industries have struggled to recruit workers, though job vacancies are falling. | |
| The government has been considering plans to coax retired middle-aged workers back into jobs to try to boost the economy, with reports older workers could be offered a "midlife MoT" to assess finances and opportunities for work. | |
| Related Topics | Related Topics |
| Jeremy Hunt | Jeremy Hunt |
| Pensions | Pensions |