Pensions - Articles - Budget 2015: Reduction in LTA could hurt those in DB schemes


 
 James McLeod, head of pensions at AES International, warns that those in defined benefit schemes may be negatively impacted by the further reduction in the lifetime allowance.
 McLeod said: “It is no surprise that the lifetime allowance has again been reduced. This has been on the Chancellor’s agenda for some time. And while George Osborne has predicted that only 5% of people approaching retirement will be impacted by the reduction, those who are effected could lose out substantially.
 “Osborne has also not specified how this will impact those in defined benefit schemes – it may be the Government needs to offer express protection measures for those who have been in such schemes for some time.”
  

Back to Index


Similar News to this Story

Launch of the new Pensions Commission
Standard Life, Aegon, Aviva, Legal and General and PMI comment on the launch of the new Pensions Commission
Retirement confidence dips for 50 somethings
New research from Aegon reveals that only 33% of Britons aged 50–59 feel confident about retiring comfortably, the lowest of any age group. This midli
Pension Commission must deliver bold reforms
Comments from Kirsty Anderson, retirement specialist at Quilter on the DWP’s plan to revive the Pension Commission, including auto-enrolment reform an

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.