Lifetime ISA: Are seismic changes ahead for UK long-term savings?

'Pension ISA by the back door'

clock • 4 min read

Andrew Tully takes a look at the pension changes outlined in George Osborne's eighth Budget speech. Has the Chancellor introduced a pension ISA by the back door?

Following a period of consultation, this Budget was predicted to change the basis of pension saving with changes to tax relief, or possibly go even further with the introduction of a pension ISA. However, you could almost hear an audible sigh of relief from across the industry when, shortly before Osborne delivered his speech, the media were briefed that, after all, there would be no changes to pension tax relief. This appears to be supported by the Treasury response to the consultation which concluded that while there was no clear consensus, the general view is the current system giv...

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

Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

‘Chancellor should aim to change as little as possible in the near term’

Professional Adviser
clock 14 October 2025 • 5 min read
Govt forced to respond as pension tax lock petition secures 14,000 signatures

Govt forced to respond as pension tax lock petition secures 14,000 signatures

Started by AJ Bell ahead of 26 November Budget

Jenna Brown
clock 13 October 2025 • 1 min read
Petition pushing government to protect pension tax incentives gets 3,000 signatures

Petition pushing government to protect pension tax incentives gets 3,000 signatures

AJ Bell pushes to end ‘damaging speculation’ on tax-free cash and reliefs

Jenna Brown
clock 07 October 2025 • 2 min read