Cash ISA limits are being changed but not until April 2027 (Image: Getty)
State pensioners can deposit a huge £60,000 into their Cash ISAs completely tax-free between now and April 6, 2027 following new rules put in place.
Cash ISA limits are set to be slashed from their current £20,000 limit to just £12,000 per year under new rules. But the new restriction, set to be put into effect from April 6, 2027, will not apply to over-65s.
It means that all state pensioners, and some aged 65 and over who haven’t yet hit state pension age, which is in the process of rising from 66 to 67 from next month, will not be bound by the restrictions.
This is a change campaigners like Martin Lewis were pushing for, so that older people are not forced to put money in Stocks and Shares ISAs during retirement, when they should be accessing money rather than putting it away in longer-term funds.
Chancellor…
