Autumn Budget 24: Heavily rumoured pension changes fail to go ahead

Did not target workplace pensions

Many of the pension changes that were speculated to be featured in the Budget today (30 October) have not come to fruition.

Chancellor Rachel Reeves today (30 October) delivered the first Budget of this parliament and the first from a Labour government for more than 14 years. The UK's first female chancellor confirmed she will raise taxes for the UK by £40bn, but chose not to target workplace pensions when seeking to raise tax revenues. Heavily rumoured changes ahead of her speech today included the potential reduction or removal of the 25% tax-free lump sum, levying national insurance contributions (NICs) on pension contributions, and potentially the re-introduction of the lifetime allowance – which was a...