MSE News: Summer Budget 2015: Pensions overhaul proposed 8 July 2015 at 3:45PM in Pensions, annuities & retirement planning 21 replies 2.8K views

Former_MSE_Paloma

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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kidmugsy

Don't panic! Don't panic!

dunstonh

summary of the article in fewer words (but appear in the article). The sensationalist start gradually getting less dramatic as the facts unfold....

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.

madeinireland_2

When are we likely to hear if fixed and individual protection is being offered for the reduction in LTA next April ?

RichandJ

kidmugsy wrote: »

Don't panic! Don't panic!

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.

Chickereeeee

They should change the tax of pensions right away - so I got tax relief on the way in AND will get it on the way out!

PensionTech

madeinireland wrote: »

When are we likely to hear if fixed and individual protection is being offered for the reduction in LTA next April ?

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.

Jsscmm

Wasn't there a limit to annual allowance to 40k for this year, overriding any carry forward, or did I mangle something?


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.

PensionTech

Unless you work in pen admin. More effing stupid changes to an already stupid PIP/AA regime.

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...

madeinireland_2

PensionTech wrote: »

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.

Yes but when are we likely to get the details ?

Thanks.

PensionTech

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...