Spring Statement 'empty' but economic projections good news for contributions

No pension policy announcements

James Phillips
clock • 2 min read

Philip Hammond's financial update was empty of any direct pensions impacts as the Chancellor sought to trim down the fiscal statement, writes James Phillips

His first Spring Statement, delivered today, contained no pensions announcements. Instead, he focused largely on the broader macro-economic picture, as well as providing updates and confirmations of previous policy announcements. However, projections that real wage growth will be positive this year, plus the £350 increase in the personal tax allowance, will help to alleviate concerns that auto-enrolment (AE) opt-out rates will soar when contribution rates rise next month. The additional take-home pay for the average saver will go some way to mitigate the rise in employee contributions...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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