Good news - the Chancellor has kept to her word with no change to the April 2024 pension tax reforms: the two new allowances LSA and LSBDA are still in place there is no return to the Lifetime Allowance no change to the higher Annual Allowance of £60k and no change to the tax relief system or the taxation of the lump sum benefit withdrawal.
The government will maintain the State Pension Triple Lock for this Parliament and so increase the basic and new State Pension and the Pension Credit Standard Minimum Guarantee from April 2025 in line with earnings growth.
We wonder whether the government’s position on the Mineworkers Pension Scheme where surplus is to be used as additional pension for members of the scheme will impact more generally on the government’s broader review of how surplus should be shared in respect of other schemes.
Buried in HC295 ...
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Home >Articles > Autumn Budget 2024: the impact on pensions
Autumn Budget 2024: the impact on pensions
Good news - the Chancellor has kept to her word with no change to the April 2024 pension tax reforms: the two new allowances LSA and LSBDA are still in place there is no return to the Lifetime Allowance no change to the higher Annual Allowance of £60k and no change to the tax relief system or the taxation of the lump sum benefit withdrawal.
The government will maintain the State Pension Triple Lock for this Parliament and so increase the basic and new State Pension and the Pension Credit Standard Minimum Guarantee from April 2025 in line with earnings growth.
We wonder whether the government’s position on the Mineworkers Pension Scheme where surplus is to be used as additional pension for members of the scheme will impact more generally on the government’s broader review of how surplus should be shared in respect of other schemes.
Buried in HC295 ...
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