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“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
With over 50s close to, or entering, retirement, this could prove devastating for later life.
For those who still remain in employment, three quarters of over 50s said their work-life balance has become worse as a result of the pandemic.
Ian Atkinson, marketing director at SunLife, commented to Express.co.uk on the matter.
He said: “Our research shows that the pandemic has taken its toll on older people’s mental health, and women more than men.
Pension: Monthly sum needed for a £100k pot (Image: EXPRESS)
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“The disruption to jobs, worsening work/life balance and reduced incomes has almost certainly had an impact.
Research from SunLife has shown that while over half of working people over 50 have a private pension, one in 20 have been forced to stop their contributions or cut the amount they are paying in due to financial strains.
The cost of the pandemic for Britons should not be underestimated, and in fact, a number of people over 50 have recorded a significant drop in their finances over the last 11 months.
Out of those asked, on average, over 50s stated they are worse off by £445 per month - a sum which could make a substantial difference.
Among working over 50s, almost half of those asked said they have seen their job and income impacted, with 12 percent affected by unemployment.
More than 1 million workers are likely to breach the pension lifetime allowance and be liable for a hefty tax bill - are you one of them? Here's what you.