Budget rumblings: Is Labour really going to axe pensions tax relief?

'Uncertainty caused by Budgets is it isn't helpful for financial planning'

clock • 5 min read

Laith Khalaf analyses the likelihood of changes to pensions tax relief in the upcoming Budget...

If you've been tuned out of the political narrative over the summer, you might not have heard that the government is facing a £22bn black hole in its finances and a ‘painful' Budget lies ahead. Then again, if you've got a smartphone, you're probably up to speed. There is plenty of speculation flying around about the taxes Labour are going to hike, especially after Keir Starmer said the heaviest burden will fall on those with the ‘broadest shoulders'. One of the rumours inevitably doing the rounds is that the Chancellor will axe higher rate tax relief on pension contributions. Possi...

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

Editor's view: How disjointed is the government's salary sacrifice change?

Editor's view: How disjointed is the government's salary sacrifice change?

The editor's Friday Night Takeaway from 19 December

Jen Frost
clock 19 December 2025 • 3 min read
Pension reflections: Retirement's biggest moments of 2025

Pension reflections: Retirement's biggest moments of 2025

What can we expect to see for pensions next year?

Jenna Brown
clock 18 December 2025 • 15 min read
Women, wealth, and worry: How to close the retirement gender gap

Women, wealth, and worry: How to close the retirement gender gap

Julia Peake explores the retirement gender gap and suggests how it can be closed...

Julia Peake
clock 16 December 2025 • 4 min read