Philip Hammond’s Budget, announced on 29 October 2018, did not introduce any major unexpected changes to pensions.
The tax free allowance, the amount of income a person can receive before they begin to pay tax, will increase to £12,500 in April 2019. The threshold for the higher rate of tax for England and Ireland will be £50,000. Scotland and Wales have yet to publish the higher rate thresholds which will apply to taxpayers living there.
The Lifetime Allowance, the level of tax advantaged pension saving a person can accrue, will increase to £1,055,000 from April 2019.
The government has confirmed that they will shortly be implementing legislation to make pensions cold calling illegal, a measure which is intended to combat pension scams.
For more information on the Budget, please click here.