And, for some, it could be their ISAs – which stands for Individual Savings Account and is a way of saving tax-free – are to become increasingly important.
Commenting on the freezes to pension allowances, he said: “For savers at risk of breaching the pensions life time allowance, it is more important than ever to maximise ISA allowances as part of their retirement savings plans.
“Don’t forget that married couples have two sets of ISA allowances that can be used, so £40,000 a year.
“While ISAs don’t offer the upfront tax relief of a pension contribution, they are more flexible and there is no tax to pay when you draw upon them.
This post originally appeared on Daily Express :: Finance Feed