ARTICLE · 24 JUNE 2010

The Emergency Budget: What Does It Mean For Pensions?

CMS Cameron McKenna Nabarro Olswang

Explore more from CMS Cameron McKenna Nabarro Olswang

This afternoon saw the first Budget from the Coalition government and its new Chancellor of the Exchequer, George Osborne.

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Kieron Mitchinson

This afternoon saw the first Budget from the Coalition government and its new Chancellor of the Exchequer, George Osborne. This LawNow sets out some of the highlights from the despatch box which impact on the world of pensions.

Pensions tax relief and high earners

The Chancellor announced that the existing plans for a high income excess relief charge, which would reduce tax relief from 2010/11 on pensions contributions for those earning in excess of £150,000, are to be shelved. Instead, he will "work with industry on alternative ways of raising the same revenue, potentially by reducing the Annual Allowance". This is a radical policy shift, suggesting that he has been listening closely to concerns raised by the NAPF and others.

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