This new tax year, investors should be aware of some significant changes to pensions. On the plus side, the government has increased your allowance from £40,000 to £60,000, meaning you can contribute up to £60,000 a year tax-free. What’s more, the lifetime allowance charge has been eliminated as of 6th April 2023, and the lifetime allowance itself will be abolished next tax year (2024/25), removing any cap on pension benefits while still receiving tax relief. On the other hand, the government has cut capital gains tax (CGT) from £12,300 to £6,000, and it’s set to halve again to just £3,000 next tax year (2024/25). These tax changes mean that it has become more important than ever for you to make use of all your personal allowances and tax wrappers, including your SIPP allowance.