“Traditionally it rises in line with September’s CPI which for 2020 would have been 0.50 percent.
“That means the lifetime allowance of £1,073,100 would have risen by £5,800 in the upcoming 2021-22 tax year and some pensions will now fall into the taxable bracket.”
Ms Springall concluded by encouraging those worried about what the pension changes would mean for them to seek advice about the matter.
The Money Advice Service offers help, as well as Pension Wise which puts forward free and impartial guidance.
Alternatively, individuals may wish to seek the assistance of a financial adviser, who could provide tailored guidance.
Do you have a money dilemma which you d like a financial expert s opinion on? If you would like to ask one of our finance experts a question, please email your query to
| UPDATED: 22:45, Fri, Mar 12, 2021
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The tax year end is approaching, and changes to Income Tax rate bands will come into effect. The Personal Allowance, for instance, will rise from the current £12,500 by 0.5 percent to £12,570.
However, the overall gender pension gap at the age of 65 is still substantial.
On average, women at this age own one third of the pension assets of a man, according to research by the Pensions Policy Institute for the July 2019 Understanding the Gender Pension Gap report.
Worryingly, the gap widens when women take time away from work, going part-time or choosing less-demanding roles, the research found.
And, with COVID-19 having meant the loss of jobs in retain and hospitality, sectors which have been seen to offer part-time roles for many women, there s fears there could be a widening of the gender pension gap as a result, if they remain unemployed.
| UPDATED: 14:26, Tue, Feb 23, 2021
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Pension saving is considered to be important for retirement, but for those who are getting closer to leaving the workforce, or individuals who have already departed, financial wellbeing is also vital. Ensuring one has enough to see them through later years of life is key, but many have been financially upended due to COVID-19. However the pandemic has affected a person, reevaluating finances can be a good way to ensure individuals are on track and financially protected in all circumstances.
There are several different types of pensions which can suit whatever your wants and needs.
Final salary pensions, also known as defined benefit schemes, are largely funded by employers, though staff may also pay into them.
These pension schemes are often used within public service professions.
Money purchase pensions, also known as defined contribution schemes, are most often used as workplace and personal pensions.
The money you put into your pension plan is invested and what you have at retirement depends on how those investments have performed.
You can also save in the following pensions: workplace, trust-based, group personal, stakeholder and self-invested personal pensions (Sipps).