Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Labour chose not to target workplace pensions, despite raising taxes by £40bn

Holly Roach
clock • 3 min read

Many of the pension changes that were speculated to be featured in the Budget today (30 October) have not come to fruition.

Chancellor Rachel Reeves earlier today delivered the first Budget of this parliament and the first from a Labour government for more than 14 years. The UK's first female chancellor confirmed she will raise taxes for the UK by £40bn, but chose not to target workplace pensions when seeking to raise tax revenues. Heavily rumoured changes ahead of her speech today included the potential reduction or removal of the 25% tax-free lump sum, levying national insurance contributions (NICs) on pension contributions, and potentially the re-introduction of the lifetime allowance – which was abolis...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pensions gender gap: A low-profile injustice that deserves more attention

Pensions gender gap: A low-profile injustice that deserves more attention

'Pensions are one of the few financial products where time is the single biggest driver of outcome'

Jessica Cook
clock 24 August 2026 • 4 min read
Advisers place focus on retirement support as providers lack 'meaningful' engagement

Advisers place focus on retirement support as providers lack 'meaningful' engagement

People’s Pension poll shows 54% of IFAs say providers struggle to create ‘meaningful’ engagement

Martin Richmond
clock 19 August 2026 • 3 min read
Pensioner poverty has risen for more than a decade, warns LCP

Pensioner poverty has risen for more than a decade, warns LCP

Single and divorced pensioners most affected and should be focus for future policy

Alex Levy
clock 18 August 2026 • 4 min read