Autumn Budget 2017: Pensions Announcements

The Autumn Budget was delivered on 22 November and contained few surprises for those in the pensions industry. Many of the pensions-related announcements had been previously confirmed by the Government. The key changes announced by Philip Hammond were as follows:

• The lifetime allowance will be increased in line with CPI from April 2018, rising to £1,030,000 for the 2018/19 tax year.
• The basic state pension and the new state pension will both be increased by 3% in April 2018, with the basic state pension rising by £3.65 per week and the full new state pension rising by £4.80 per week.
• The Government will include a power in the Finance Bill 2018 for HMRC to register and de-register unauthorised master trust scheme and schemes with a dormant company as a sponsoring employer.