Potential Pension Reforms in the Budget
Pension savers may face new rules after the Budget if Chancellor Rachel Reeves targets their pots to address the fiscal black hole.
A former pensions minister, Ros Altmann, advises Chancellor Reeves to consider cutting tax-free cash and the annual allowance, but to U-turn on making pensions subject to inheritance tax.
Altmann recommends changing pensions "as little as possible" in the upcoming Budget, set for 26 November.
- Cutting tax-free cash
- Reducing the annual allowance
- U-turn on inheritance tax for pensions
Altmann served as pension minister under David Cameron from May 2015 until July 2016.
Author's summary: Pension reforms may be introduced in the Budget.
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