“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: 07:51, Thu, Mar 11, 2021
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In an attack at the hardline stance taken against businesses, James Withers chief executive of the Scotland Food and Drink, claimed the ball had been dropped by both sides. Despite the EU pointing to the UK s failure to prepare for post-Brexit changes, Mr Withers called on both sides to dial down diplomatic tensions. He said the two sides must chose whether they want to collaborate or relations could worsen.
| UPDATED: 11:55, Sun, Mar 7, 2021
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Sky News Sophy Ridge called out Labour s Lisa Nandy in a fiery interview, as she claimed the MP was trying to have your cake and eat it on her party s Budget response. She told the shadow foreign secretary Labour was criticising the Government without providing an alternative. This comes after another Labour U-turn, as Ms Nandy confirmed Labour would now be opposing Rishi Sunak’s income tax personal allowance freeze and voting against it.
| UPDATED: 22:30, Wed, Mar 10, 2021
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Martin Lewis, 48, appeared on the Andew Marr show on Sunday morning to go over the day s news. The money saving expert spoke out about the Budget, and highlighted Limited Company Directors and the continuing lack of support offered to them.
| UPDATED: 22:19, Sun, Mar 7, 2021
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Chancellor Sunak has been leading the UK’s economic response the coronavirus pandemic and this week announced the budget to get Britain back onto the road to recovery. Meanwhile, International Trade Secretary Liz Truss has been tasked with striking post-Brexit trade deals and has already reached more than 60 agreements with nations around the world. Today, Express.co.uk is asking which of these cabinet ministers would make a better Prime Minister? Vote and leave your opinions in the comments section below.