I’ve had several emails within days of the Labour Landslide, from clients worried about their tax-free cash, tax relief on pension contributions or IHT and what will or won’t be paid out from their pensions on death. All rumour and speculation, as the only mention of pensions by a new government person so far is Rachel Reeve’s call/hope for pension funds to invest more in the UK. She’s talking here about the big final salary and occupational pensions, which, although part of a dying breed, still have many £billions on which they need to get a return. As for the rumours, who knows. What should comfort is that past, significant changes to pensions have only taken effect for new plans or new investments, not for what’s already there. A new broom could sweep in a different direction; but that’s not what’s been trailed so far.
“Pensions minister: ‘we have created saving pots, but not a pension system’”
The OBR (Office of Budget Responsibility, as opposed to the OBI, often said to be housed in No.11) said this week that pensions were one of the biggest problems to be faced by this and future governments.
