As announced at the Budget the removal of the £1,073,100 limit on pension savings will take effect from 6 April 2023, but it will not be possible to use the benefit until the 2024/25 tax year, according to the guidance from HMRC as the legislation will not be included in the current Finance Bill.

Detailed guidance will be published on 6 April once the allowance change comes into effect. The guidance contains a series of examples of how the change will affect different taxpayers, particularly those with enhanced protection.