On 22 November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement, setting out the Government’s key commitments and objectives for the UK economy. The announcement contained some measures that could affect your pension planning.
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For several years now, the pensions industry has been working on the idea of pensions dashboards: online tools enabling savers to view all their pension benefits from multiple schemes in one place. This could make retirement planning much easier for millions, by giving a clear and consistent view of how much their combined benefits are worth and what sort of income they can expect in retirement.
On Wednesday 15th March 2023, Chancellor Jeremy Hunt delivered his Spring Budget, which included the biggest shake-up in the taxation of pensions for over a decade. The Annual Allowance is being increased by 50% and there are plans to abolish the Lifetime Allowance altogether.