The industry has criticised the raft of pre-Budget speculation, and early leaking of policies, commenting on the negative impact on saver confidence and behaviours.
In the Budget yesterday (26 November), chancellor Rachel Reeves announced a cap on salary sacrifice from 2029, the uprating of pre-1997 benefits for members of defined benefit schemes, and confirmed there would be no changes to the tax-free lump sum. However, industry commentators chastised the leaking of some policies well beforehand and the raft of speculation in the months leading up to the Budget, with savers having made decisions on their retirement as a result of rumoured changes to pensions taxation including the tax-free lump sum, despite there being no change announced in the Bu...
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