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• ensure digital resources such as apps for management of mental health and musculoskeletal (MSK) conditions are readily available • tailored employment support within mental health and MSK services in England, including expanding the Individual Placement and Support (IPS) scheme, and scaling up MSK hubs in the community. The government will also digitise the NHS Health Check to identify and prevent more cases of cardiovascular disease. These measures will support people with long-term health conditions.
The government’s policies announced at the Spring Budget will support improve d population health outcomes and increase the employment rate and hours worked among those with a health condition or disability.
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Spring Budget 23: ‘Returnerships’ Published: 15 March 2023 Emailed: 22 March 2023
Within the Budget speech, Hunt announced the introduction of “a new kind of apprenticeship targeted at the over 50s who want to return to work”. These will be known as ‘returnerships’.
‘Returnerships’ will be targeted at the over-50s, and will give better access to re-training, allowing workers of any age to upskill in a flexible manner with a focus on previous experience, to reduce the length of training. They will encourage the following to those who are aged over 50:
accelerated apprenticeships
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• sector-based work academy programme placements • skills bootcamps.
Additional funding of £63 million will be put towards additional skills bootcamp places in England, and new sector- based work academy programme placements in England and Scotland.
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Spring Budget 23: pension allowances Published: 15 March 2023 Emailed: 22 March 2023
Much discussed in the days prior to the budget was the possibility of changes to pensions tax-free allowances. In a surprise to no one, these leaks came to fruition.
The Annual Allowance (AA) will therefore be increased by 50% from £40,000 per year to £60,000 per year.
Alongside this measure, it will ensure that each public sector pension scheme workforce (e.g. 1995, 2008 and 2015) are all treated as one arrangement for the purpose of calculating the pension input amount.
This will come into effect from April 2023.
Costing estimates value this at a £55 million cost to the Treasury, however, there is some uncertainty with this figure as there may be a large behavioural response as a result of the measure.
The Money Purchase Annual Allowance (MPAA) will also be increased from £4,000 to £10,000. This increases the amount an individual can contribute to a defined benefit (DB) scheme after the pension has been accessed flexibly.
Bigger news was the announcement that the Lifetime Allowance (LTA), rather than being increased, would be completely abolished. Currently set at £1,073,100 it will be removed from April 2023 and abolished in 2024 when the legislative framework allows.
However, the measure will also introduce a cap on the tax-free lump sum at 25% of £1,073,100 (£268,275). This ensures that the lump sum remains capped as to not cause undue detriment to the Treasury.
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