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ARTICLE · 28 NOVEMBER 2023

Autumn Statement 2023 – Pensions Aspects

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The Autumn Statement was presented by the Chancellor of the Exchequer on 22 November 2023. It contained a number of pensions-related announcements, including the following

United KingdomEmployment and HR
Giles Bywater
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The Autumn Statement was presented by the Chancellor of the Exchequer on 22 November 2023. It contained a number of pensions-related announcements, including the following:

  • The government will legislate in the Finance Bill to remove the lifetime allowance (LTA). The legislation will set out the taxation of lump sums and lump sum death benefits, the application of LTA and lump sum protections, the tax treatment for overseas pensions, transitional arrangements and reporting requirements. The changes will take effect from 6 April 2024.
  • To deal with the issue of small pension pots, the government is calling for evidence on a lifetime provider model which would allow individuals to have contributions paid into their existing pension scheme when they change employer and on a potential expanded role for collective DC (CDC) schemes in future. The government will also introduce a multiple default consolidator model for eligible small pension pots.

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