UK Budget 2018 – Pension Announcements

UK Budget 2018 – Pension Announcements

2018-10-31T06:01:52+00:00October 31st, 2018|Pension, UK Budget|

The 2018 UK Budget announcements did not include much in the way of pensions this year with the Chancellor’s focus squarely on pre-Brexit preparations.

At a glance – The key points of (pension) relevance include:

  • The Lifetime Allowance will increase to £1,055,000 from April 2019 (currently £1,030,000)
  • There will be a ban on cold calling in respect to pension transfers – the number of scams has increased tremendously.
    Legislation is imminent and expected to be in force early next year. Seems the ban is just for calls emanating from the UK so most probably the scammers will move offshore. However along with the legislation there will be an awareness campaign about the illegality of calls – which is a positive for consumers.
  • Talks continue about the proposed ‘Pension Dashboard’ (an initiative that will allow people to see all their UK pensions including the British State Pension on line, with the government committing £5m in ongoing funding. The proposed launch is April 2019.