What are the lifetime allowance, state pension and the triple lock?
A big rise in the amount some people can save for their pensions is expected in Wednesday's Budget.Ministers might also bring forward a planned rise in the state pension age, according to some reports.The pension lifetime allowance is the maximum amount of pension savings an individual can build up over their career without having to pay additional tax charges. The currentThe allowance applies to private pensions .
If the current allowance is increased, very few are likely to benefit. An analysis by financial firm LCP suggests about 1.3 million workers are currently on course to breach the cap - less than 4% of the UK workforce.The annual allowance is the maximum amount of money an individual can pay into their pension in a tax year without penalty. The annual allowanceLike the lifetime allowance, the annual allowance only applies to private pensions.
However, the government is worried that the reduction has led to some highly-paid people - like doctors - to retire early or reduce their hours. By raising these allowances, the government hopes to persuade some to stay in employment - or even return to work.What is the state pension and how much is it increasing by?
Unlike private pensions, the state pension is a monthly payment made by the government to people who have reached the qualifying age and haveIn November, the government confirmed that the state pension would go up by 10.1% - in line with September's
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