If you are covering the Spring Budget impact for teachers, please see the following comment from Simon Rake, Head of Education at Wesleyan Financial Services:
"Abolishing the lifetime allowance and significantly increasing the annual allowance is great news for many in education. It will particularly support senior teachers, head teachers and lecturers, by reducing the chance of facing tax charges for continuing to save into their pensions. Pension tax problems are something we’ve been highlighting for some time now, so we’re pleased to see the government take action.
"We heard limited measures, however, to reduce the current pressures that are squeezing teachers’ personal finances. Rising costs are making it difficult for many to save day-to-day or put money aside for retirement.
"For those teachers who can afford to keep saving, it’s imperative that they make their money work as hard as possible. This includes making the most of ISA allowances to keep their investment growth or interest payments tax-free."
For more comments from Wesleyan, contact our PR Manager, Nicola Pledger.