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Tax information: From 6 April 2024, both the basic State Pension and the new State Pension will increase by 8.5%. However, the tax-free personal allowance will remain at the current limit of £12,570. This may cause some of our policyholders who previously did not pay tax, to start paying tax, or if already paying tax, to find they are paying more. This will ultimately depend on the level of taxable income you have for the 2024/2025 tax year.

Lifetime allowance: From 6 April 2024 the lifetime allowance will be abolished. This will only affect a small number of our policyholders. If the value of your total pension benefits from all sources is in excess of £1,073,100 and you have not yet put all your benefits into payment, please click on the link below for more information.

Abolition of the lifetime allowance