Posted on 23rd November by Chris Davis

Autumn Statement - Pensions

The Chancellor in his Autumn statement, outlined the amount you can save into a pension - once you have already taken some money out has been reduced from £10,000 to £4,000 from April 2017.

 "The Government does not consider that earners aged 55 and over should be able to enjoy double pension tax relief, such as relief on recycled pension savings, but does wish to offer scope for those who have needed to access their savings to subsequently rebuild them. The Government will consult on the detail."

It has left the “lifetime allowance” the amount you can save into a pension in total unchanged at £1m.

The Chancellor also pledged to keep the "triple lock" on the state pension in place. Protecting the value of the state pensions payments from losing their purchasing power.