In his 2021 Budget, the Chancellor announced a five-year freeze on the lifetime pension allowance. What does this mean for you and your retirement fund?
Tina is a fit and vibrant 59-year-old who expected retirement to offer a whole new lease of life. She was looking forward to using her increased leisure time to explore Europe while indulging her passion for climbing. However, after going through her finances, she’s now concerned she won’t be able to afford her monthly bills let alone pay for trips abroad.
In a bid to tackle rising inflation, the Bank of England has increased the base rate for the seventh time since December 2021. The 0.5% hike takes the interest rate to 2.25% – the highest since November 2008, when the banking system faced collapse. So, what does this mean for you?
