Every chancellor in every complexion of government feels the need to tinker, for better or worse and more often the latter, with pension regulation. Over many years that’s given us SERPS, opt-outs from SERPS, pension transfers, pension transfer scandals, pension simplification, pension freedoms, lifetime allowances, the abolition of lifetime allowances, annual allowances and now, of course, inheritance tax. What hasn’t, thankfully, happened and is always rumoured to be about to happen is the cutting or disappearance of tax reliefs and tax-free cash. However, as often rehearsed on these pages, the regular rumours bring regular pre-Budget stress. I guess there’s no particular harm if you can afford it, in making a pension contribution sooner rather than later in case reliefs disappear. Many, however, took tax-free cash out when it turned out there was no need to do so. And the new IHT rules have put the proverbial cat amongst many a financial planning pigeon. So, yes, some sort of triple lock for non-state pensions would be great. If it could ever be proofed against future unlocking.
“Trade war: Stock markets rally as Trump rows back on Fed and China threats”
Yet another reminder, should one be needed, of how quickly things can and will change. A nod and a wink in the right direction from himself and/ or an underling can provide the solace the money men crave and turn a plummet into, if not a soar at this stage, then certainly a bounce.
