While we’ll naturally await the publication of at least the draft legislation following the Budget of 15 March to get a better handle on what the announced pension changes are likely going to mean, further information has been released by the government, which does perhaps clarify some of the initial questions that have been raised around how these changes could impact people.
I've created a guide to the Spring Statement and the proposed pension changes, which provides further insight and commentary on the:
- Lifetime Allowance (LTA)
- the treatment of pension lump sums
- LTA protection
- annual allowance
- public service pension schemes
- low earners and net pay arrangements
My colleague, John Dunn, has also created a guide on the Finance (No. 2) Bill - Pension changes, published on 23 March, which contains details on the legislation to give effect to some of these changes. It attempts to provide some insight into what wasn't immediately obvious from the publications issued at the time of the Budget announcement.
Please get in touch if you'd like to know more.
