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.”

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