Lifetime Allowance to rise to £1,055,000
Full State Pension to increase to £168.60 per week
No stated changes to annual allowance or carry forward rules
No stated changes to tax reliefs on pension contributions
DWP to consult industry on pension dashboard design before end of year – £5m pledged to support further progress
Intention to ban pension cold-calling following consultation (no timescale given)
Richmond House Wealth Management view: The increases to Lifetime Allowance and full State Pension are in line with previous legislation and whilst there is a general belief that the pensions tax relief system is in line for a major overhaul, this has been deferred at present and the “steady as she goes” mantra has been applied. The apparent prioritisation of the pensions dashboard and curbing cold-calling is likely to be welcomed by both consumers and the pensions industry as these matters have concerned most interested parties for some time. A brief period of stability in pension regulation may also allow some breathing space to make best use of existing limits and reliefs.