Pensions annual allowance changes on the cards 'to fund NHS boost'

£38bn up for grabs

Hannah Godfrey
clock • 2 min read

Chancellor Philip Hammond is planning to raid the pensions of higher-rate taxpayers to fund a boost to the NHS, most likely through changes to the annual allowance and tapered annual allowance, according to a report.

This weekend the Daily Mail reported an unnamed senior government source said Hammond (pictured) had identified some £38bn in pension tax relief as "one of the last remaining pots we can raid". The source added Hammond was planning to target only "people who can afford to put tens of thousands of pounds into their schemes each year". The money will be used to fund Theresa May's planned £20bn-a-year boost to the NHS. May initially claimed the boost would be partially funded by a "Brexit dividend", after pledging to give the NHS the extra money by 2023 as a 70th "birthday present".  ...

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

Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget end to overseas pensions 'loophole' could cause 'chaos'

OTC applies to more transfers under changes

Jen Frost
clock 31 October 2024 • 2 min read
Pensions tax-free cash untouched – but what about those who acted pre-Budget?

Pensions tax-free cash untouched – but what about those who acted pre-Budget?

No lump sum change should be ‘welcomed’ but damage cannot be undone

Isabel Baxter
clock 31 October 2024 • 5 min read
Autumn Budget 24: Heavily rumoured pension changes fail to emerge

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 30 October 2024 • 3 min read