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MSE News: Summer Budget 2015: Pensions overhaul proposed

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Sweeping changes could be on the way to how we save for a pension, the Chancellor announced in the Summer Budget today...
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Summer Budget 2015: Pensions overhaul proposed

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Summer Budget 2015: Pensions overhaul proposed

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Sweeping changes could be on the way...
In potentially reforming the way people save into a pension...
Detail is very sketchy....
the Chancellor was keen to stress that this is an open consultation, without a pre-judged answer...
Even fewer words would be:
Nothings changing but may do in the future.
Unless you work in pen admin. More effing stupid changes to an already stupid PIP/AA regime.
Anyone whinging how long it takes for them to get AA figures just bear this in mind. T wats.
Some of us had it programmed. That all goes t1ts up now. I repeat. T wats.
Johnny Was. Once.
Why did he think "systolic" ?
Pretty sure, if I remember correctly, that it was part of the original announcement - this reporter thinks so too:
http://www.ukbudget.com/2015-measures/pensions-lifetime-allowance-to-be-reduced.aspx
They didn't say what form the new protection(s) would take but almost certainly individual and fixed.
Edit: from another thread it looks like I mangled it somewhat! Especially as I am a long way from 150k earnings.
Back to don't panic mode.
Don't get me wrong, I agree, the proposal is one of the most needlessly complicated things they could have come up with - but I am chuckling slightly at your utter, unrestrained outrage. Not many people understand the despair that pensions admin companies feel at hearing the latest hare-brained unworkable idiotic concept that's been dreamt up by a politician who doesn't have a clue what he's doing just because successive chancellors seem to want to have a p!ssing contest about who can come up with the most "radical" pensions reform. I'm still reeling from the secondary annuity market idea, myself...
Yes but when are we likely to get the details ?
Thanks.
Oh, I see what you mean - your guess is as good as mine. Absolutely no mention of it here. I'd say no later than the Autumn Statement if it is going ahead, but I'm also wondering whether the silence might be indicative of something else - maybe they won't bother to make the LTA more complicated in the short term if they're thinking of scrapping/overhauling it in the medium...