Pensions - Articles - Not a Budget but Spring Statement brings plenty of change


The Chancellor has moved his official Budgets to the Autumn, but 13 March will see the first of his new style ‘Spring Statements’. Hammond has been managing expectations, telling us not to expect any big new policies, which is not surprising with Brexit taking up the vast majority the Parliamentary timetable as well as Government thinking. However, the spring looks far from quiet with a raft of changes to tax bands, pensions and other allowances and to auto-enrolment contributions coming into force.

 Steven Cameron, Pensions Director at Aegon said: “The weeks leading up to Budgets and key statements from Chancellors usually create fevered speculation, but Philip Hammond has well and truly managed down expectations, with no new policy announcements expected. With the Government embroiled in Brexit negotiations and the official Budget moved to the Autumn, this is not surprising.
  
 However, we continue to hope for new insights into key longer term Government policies around social care funding, improving the housing market and how to extend greater pension provision to the self-employed.
  
 “But even if the rabbits stay firmly in hats on 13 March, there’s a huge amount changing on 6 April in the pensions, savings and tax world from previous Budgets and Government announcements. Advisers will more than enough to help their clients with, be it the first increase to the pension lifetime allowance since 2016, auto-enrolment minimum contribution increases, changes to tax bands and to income tax rates for those in Scotland as well as the cut in the tax free dividend allowance.”
 
  
 • Chancellor has indicated no new policies in 13th March ‘Spring Statement’
 • Hope remains for some insight into Government thinking on social care, housing and pensions for the self-employed
 • But advisers will be busy with raft of 6 April changes including to tax bands, pensions allowances and auto-enrolment

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