News updates

30 October 2018

BTP

Low-key Budget for pensions

No major pension changes were announced in the Autumn Budget.

Despite rumours in the run-up to the Budget, the focus was on the following topics:

  • Lifetime Allowance – this is increasing from £1,030,000 to £1,055,000 from 6 April 2019.

  • Pension dashboards - the government is helping to fund their development so that people can view details about their pension savings, including State Pension, in one place. However, no launch date has yet  been set.

  • Cold calling - more legislation is being brought in as soon as possible to make pensions cold calling illegal. This means phone calls about pension transfers will be banned.

 

The draft Scottish Budget for 2019/20 will be published on 12 December 2018.

 
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