What pension changes is Rachel Reeves considering in the budget?

4 comments

1. We’ll find out when she announces the Budget to Parliament on 26th November.

   If in the meantime, the U.K. press could continue to spook the markets with endless speculation and claims of inside knowledge from unnamed sources, that would be a great help to us all.

2. Hopefully a shake up to public sector DB schemes, instead she will come for DC private sector schemes because the headline figures in these pots. Broadest shoulders ……

3. Existing pensioners who paid no NI on their pensions will be protected. Younger workers will have additional taxes applied to their pension contributions. Essentially stealing younger workers futures to pay for the current lot. This will have the double impact of reducing the amount younger workers can save, and total tax revenue when those workers retire. The very definition of short term policies, party first, country second.

   TL;DR The ponzi scheme is running out of money faster than expected. RR will steal workers’ futures to prop it up for a few more years.

4. The £2,000 cap on NI relief for salary sacrifice would be pretty brutal. Even workers on the lower end of pension savings would be caught by that.

   Double whammy for me as my employer puts in their 15% employer NI savings into my pot too.

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