Potential Pension Reforms in the Budget
Pension savers may face new rules after the Budget, as chancellor Rachel Reeves aims to fill the fiscal black hole. Former pensions minister Ros Altmann advises minimizing changes to pensions.
Recommended Reforms
- Cut tax-free cash
- Adjust the annual allowance
- U-turn on making pensions subject to inheritance tax
Consider cutting tax-free cash and the annual allowance but U-turn on making pensions subject to inheritance tax
Altmann, who served as pension minister under David Cameron, suggests that pensions should be changed "as little as possible" in the upcoming Budget on 26 November.
Author's summary: Pension reforms may be introduced in the Budget.