Potential pension shifts advisers should be aware of next year

Government action could alter pensions landscape in 2023

clock • 3 min read

Advisers and savers should be watching several pension issues closely at the start of the new year as developments around government policy could alter the landscape, according to Evelyn Partners.

Financial planning director Gary Smith highlighted that under the current regime, pension saving is attractive, and that far from disrupting that state of affairs the recent Autumn Statement just "enhanced" it. He pointed out that as the income tax and thresholds are falling in real terms until 2029, and the additional rate threshold will drop in April. This makes pension saving attractive as it is one of the only ways to mitigate against income tax. "Those now earning between £125,140 and £150,000 will suddenly receive 45% - rather than 40% - tax relief on personal contributions once...

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

Exploring pensions outsourcing as a route to unlocking efficiencies

Exploring pensions outsourcing as a route to unlocking efficiencies

'Unlocks the potential for iterative improvement'

Julia Fintz
clock 24 December 2024 • 7 min read
Government confirms no compensation for WASPI women over state pension age changes

Government confirms no compensation for WASPI women over state pension age changes

DWP finds communication delays did not amount to financial loss

Martin Richmond
clock 17 December 2024 • 4 min read
Chancellor's move to pause Pensions Review 'deeply disappointing'

Chancellor's move to pause Pensions Review 'deeply disappointing'

Rachel Reeves has reportedly pressed indefinitely paused the review

Jenna Brown
clock 16 December 2024 • 3 min read