For members of the Local Government Pension Scheme in England and Wales
Changes to pension tax rules
This news article was published on 06 Apr 2023
The contributions you pay to the LGPS are tax-free up to certain limits. You may have to pay tax if your pension savings are more than those limits. The Government has recently made changes to these limits:
the annual allowance has increased from £40,000 to £60,000 from 6 April 2023
no-one will pay a lifetime allowance charge from 6 April 2023.
The money purchase and tapered annual allowance limits have also changed. See the Tax section for more information.