The Chancellor of the Exchequer, George Osborne, has delivered
his annual Autumn Statement.
As expected, he has announced a series of changes impacting on
the pensions system.
Tax changes
From 2014-15, the Government will reduce the lifetime allowance
from £1.5 million to £1.25 million. This is the maximum
value of pension savings that any individual is allowed to build up
before retirement. The allowance was previously cut from £1.8
million on 6 April of this year.
Transitional protection will be offered for individuals who
already exceed the reduced lifetime allowance figure. The
Government has also spoken of offering an additional
"personalised protection regime for
individuals", without giving further details as to how
this might operate.
