With an election inevitably on the horizon and with that a likely change of government it is essential for people to make the most of the generous (in my opinion!) annual pension allowance available to them.

Jeremy Hunt surprised many in the pensions world by getting rid of the lifetime allowance altogether and upping the maximum annual pension contribution to £60,000 in the budget of last year. This change was very much unexpected and unsurprisingly wasn’t met with applause from the Labour party. A seeming pensions giveaway to those who already have the ability to have a large pension!

With a Labour election victory seeming very likely in the coming 12 months or so it is essential for anyone who has the ability to to make the most of these pension allowances whilst they are available.

Whilst it may not be top of Keir Starmer’s list of things to do should he take the keys to Number 10, it does seem very likely that lifetime allowance rules will be changed and the annual allowance reduced to previous or perhaps even lower levels.

With that in mind and with only a little over 10 weeks until the new tax year I would implore people to take advantage of the allowances whilst they can as by April 6th 2025 I very much doubt they will still be there.

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