Chancellor Rishi Sunak left little room for pensions in this year’s Spring Statement with the industry deeming the move a “missed opportunity”, although he also resisted dipping into the pensions honey pot to pay for tax cuts elsewhere.
Sunak also resisted stealth taxes on pensions in his autumn budget last October but in March 2021 froze the lifetime allowance for the remainder of the current parliament, which meant it would remain at £1,073,100 for at least the next five tax years (2021/22 to 2025/26). At the time, Zurich head of life product and inforce Gareth Jenkins said there was no easy way to fix the nation's finances but "a raid on pensions is particularly punishing". Among the pension silence in the Spring Statement this year, the Office for Budget Responsibility found pension withdrawals are expected to ou...
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