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Pension changes

Sahara20
Posts: 24 Forumite

None of us has a crystal ball but should pension changes ( e.g removal if TFLS etc) be announced in October budget, what timeframe will be implemented? Will changes be immediate or from start of next tax year Aoril 2025 ?
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Comments
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I think it unlikely that even simple changes will be implemented immediately. Pension providers need time to change systems and retrain staff. The start of the new tax year is the earliest I think that any changes would be implemented.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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Do we really need yet another thread on this subject?!11
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"None of us have a crystal ball but can you tell me the future please?"
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Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings?0
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Maybe I should have phrased it better. Previously (earlier government's) when there have been pension changes, did the change happen immediately or wait until the next tax year?0
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Hattie627 said:Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings?
Many will have opinions, much of which will be informed, but It depends what you mean by "protection"0 -
Sahara20 said:Maybe I should have phrased it better. Previously (earlier government's) when there have been pension changes, did the change happen immediately or wait until the next tax year?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
None of us has a crystal ball but should pension changes ( e.g removal if TFLS etc) be announced in October budget, what timeframe will be implemented?Why would Labour remove PCLS when they have stated twice from different sources that they are not and when they have said there will be a review carried out into pensions which will involve consultation periods?Anything can happen at any period. So, if you are going to act on wild speculation then you need to consider that anything is possible.
Will changes be immediate or from start of next tax year Aoril 2025 ?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
MeteredOut said:Hattie627 said:Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings?
Many will have opinions, much of which will be informed, but It depends what you mean by "protection"
Protection used in a general sense, something analogous to protecting pension pots already saved when the LTA was lowered. I know that the detail will be important.0 -
Hattie627 said:MeteredOut said:Hattie627 said:Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings?
Many will have opinions, much of which will be informed, but It depends what you mean by "protection"
Protection used in a general sense, something analogous to protecting pension pots already saved when the LTA was lowered. I know that the detail will be important.
No-one can say whether any changes would apply immediately from the date of announcement or from a specific date in the future - the complexity of any change and the ability for people to make changes in the short term to avoid the impact might both drive that decision.
Retrospective application is unlikely (in regards to undoing what has already been done, but not in respect to pots already in existence).
All my opinion.2
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