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Chancellor Jeremy Hunt will lift the lifetime and annual allowances for pensions significantly, writes the Daily Mail, citing "Whitehall sources". The LTA had been frozen at £1,073,100 until April 2026 by Rishi Sunak when he was chancellor.
The annual allowance will rise from £40,000 to £60,000, according to the Financial Times. It is not clear at what level the lifetime allowance will be set.
The Mail says the change is one of a range of measures being considered as part of a 'workplace review' led by work and pensions secretary Mel Stride that will be published alongside the Budget on 15 March.
The government has been trying to bring retirees back into the workplace because of worker shortages in key areas like healthcare. The British Medical Association has for some years lobbied against pensions tax, blaming the tax for doctors reducing their hours or taking early retirement.
