First Briefing, March 2023: Spring Budget 2023

On Wednesday 15 March 2023, the Chancellor, Jeremy Hunt, delivered the Spring Budget 2023. It had been widely reported in the press before the Budget that he would announce increases to the maximum amount of tax-relieved pension savings that an individual may make. However, the actual announcements made were more dramatic, with the lifetime allowance (LTA) to be abolished completely. The annual allowance is to rise to £60,000.

First Actuarial case studies

Usdaw

Trade union Usdaw selected First Actuarial to transform its scheme administration, resulting in improved quality and time-cost savings.

Southern Co-op

First Actuarial's fiduciary management consultants guided the trustees of Southern Co-op through their provider review, delivering fee savings.

Oil and Gas Industry

Oil and gas company DB scheme wind-up resulted in generous transfers for members and £3m surplus for employer, with First Actuarial’s help.