Rachel Reeves' Budget introduces a £2,000 annual cap on salary sacrifice pension contributions from April 2029, with amounts above this losing National Insurance exemption Pensions have been hit in the budget (stock) (Image: (Image: Getty))

Pension savers utilising salary sacrifice schemes to contribute towards their retirement fund will face a cap on the amount they can pay in before incurring National Insurance charges.

Rachel Reeves is set to use her Budget to announce a new annual cap of £2,000 on the amount that can be saved into your pension through salary sacrifice schemes, as per documents recently released by the Office for Budget Responsibility (OBR).

The OBR has stated that this new cap will be implemented from April 2029. This means that any pension contributions

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