General Insurance Article - An Autumn Statement of little surprises for pensions


Commenting, Malcolm McLean, senior consultant at Barnett Waddingham, said: “This Autumn Statement is surprisingly lacking of major changes for pensions for once. Speculation that the Chancellor might withdraw higher rate tax relief and make further changes to the life time and annual allowance has not materialised. We welcome this stability, even if for the short term, but this does leave question marks over the future direction of travel.

  
  
 “Within the spirit of freedom and choice the government has clamped down on recycling of pension savings by reducing the ‘money purchase annual allowance’ to those in line with tax relief available to non-tax payers.
  
 “The government has also confirmed a continuation of the triple-lock on the state pension up to the end of the parliament (2020), continuing to protect those receiving the basic state pension. However, with the mention of a timeframe, there was the inference that changes may well occur at this stage.
  
 “Interesting to hear that this will be the last Autumn Statement in its current format, whilst with a Spring Statement, it will be interesting to see what this actually looks like.”
  
  

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.