https://www.bloomberg.com/news/articles/2023-03-15/uk-budget-2023-hunt-abolishing-lifetime-pension-limit-costs-75-000-per-worker Skip to content Skip to content Bloomberg the Company & Its ProductsThe Company & its Products Bloomberg Terminal Demo RequestBloomberg Anywhere Remote Login Bloomberg Anywhere LoginBloomberg Customer SupportCustomer Support Bloomberg Bloomberg UK Switch Editions * UK * Europe * US * Asia * Middle East * Africa * Ri Ben Sign In Subscribe * Live Now * + Markets Markets o Deals o Odd Lots o The FIX | Fixed Income o ETFs o FX o Factor Investing o Alternative Investing o Economic Calendar o Markets Magazine Credit Suisse Group AG Shares Plummet Amid Failure Risk Markets Credit Suisse's Wild Day in Three Charts General Views In Auckland As RBNZ to Deliver Fourth Rate Hike With Half-Point Move In Play Markets New Zealand Is on Brink of Recession After Economy Contracts Market Data o Stocks o Commodities o Rates & Bonds o Currencies o Futures o Sectors View More Markets + Economics Economics o Indicators o Central Banks o Jobs o Trade o Tax & Spend o Inflation & Prices Argentina's Economy Caps Strong Second Half With December Rebound Central Banks Argentina Considers First Rate Hike Since September After Inflation Hit 103% European Central Bank President Christine Lagarde Rates Decision News Conference Economics ECB Faces Rate Dilemma on Anxious Eve of Hike Touted for Months UK Chancellor Of The Exchequer Jeremy Hunt Presents Annual Budget Central Banks BOE's Next Rate Decision May Be Overshadowed by Market Turmoil View More Economics + Industries Industries o Consumer o Energy o Entertainment o Finance o Health o Legal o Real Estate o Telecom o Transportation Key Speakers At The International Aerospace Innovation Forum Markets Bombardier CEO Says Firm Will Prevail in Scrap With Hedge Funds Bitcoin Claws Its Way Back Technology US Shuts Down Crypto Service Tied to $3 Billion in Transactions Featured o Business of Sports View More Industries + Technology Technology o Code Wars o Checkout o Prognosis TikTok As Microsoft Corp. 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(Podcast) View More Crypto * More ----------------------------------------------------------------- Equality UK Treasury Is Giving Rich People PS75,000 a Year to Keep Working * Abolishing lifetime pension limits to cost $1.1 billion * Child care reforms will bring more people back into workforce A morning commuter in the City of London, UK. A morning commuter in the City of London, UK. Photographer: Hollie Adams/Bloomberg By Lucy White +Follow March 15, 2023, 6:10 PM UTC Listen to this article 3:11 Share this article Copied Gift this article Subscriber Benefit Bloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn more Subscribe Sign In Follow the authors @LucyGJWhite + Get alerts forLucy White Convincing older British workers to stay in their jobs will cost the UK Treasury PS75,000 ($90,000) per person in tax breaks for some of the country's wealthiest savers, analysis of Chancellor of the Exchequer Jeremy Hunt's budget shows. In his budget speech on Wednesday Hunt scrapped the lifetime allowance on pensions - the total that workers can pile into their retirement pot without incurring tax - and increased the tax-free annual limit on contributions by 50%, to PS60,000. LIVE ON BLOOMBERG Watch Live TVListen to Live Radio Most Read * Markets Credit Suisse Reels After Top Shareholder Rules Out Raising Stake * Technology Ryan Reynolds-Backed Mint Is Bought by T-Mobile for $1.35 Billion * Markets Traders Dash for Cover as Bank Drama Rattles Globe: Markets Wrap * Markets Signature Bank Faced Criminal Probe Ahead of Firm's Collapse * Markets Swiss Government Holds Talks on Options to Stabilize Credit Suisse Terms of Service Trademarks Privacy Policy (c)2023 Bloomberg L.P. All Rights Reserved Careers Made in NYC Advertise Ad Choices Help PxPixel