Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the private pension annual allowance from £40,000 to £60,000 for armed forces non-contributory pensions.

This question was answered on 20th April 2023
At Spring Budget 2023, the Government announced that it would make changes to the limits on tax-relieved pension savings, abolishing the lifetime allowance, and increasing the annual allowance from £40,000 to £60,000. This will apply to all members of registered pension schemes, including those in the Armed Forces Pension Scheme.

These changes will help incentivise highly-skilled and experienced individuals from across the private and public sector, including in the Armed Forces, to remain in the labour market, which will help grow the economy and support the delivery of core public services.