Speculation is still rife about potential Budget tweaks and/or big changes to pensions. The tax-free lump sum is one that many are worrying about. I can’t see it going altogether, but it is currently capped at around £256,000, a quarter of the now-abolished lifetime allowance (I know). So the cap could be reduced; but how much would that raise to fill the £22bn black hole? Not a lot. Similarly, the annual allowance, the amount you can pay in and still get tax relief was increased to £60,000 from £40,000. It, too, could be reduced, although it was increased to keep doctors and consultants and others in big final salary schemes from ending up with unexpected tax bills and so retiring early. So, really? I’m not convinced; but if there are any radical changes, I didn’t say that, and you heard it here first. No easy answers, I’m afraid.
“Why people over the age of 55 are the new problem generation”
I suspect that many a ‘boomer’ might be pleased with the ‘problem generation’ label. When they were teen- or twenty-somethings, their parents’ generation may well have either despaired of them or worried about the world into which they were emerging as adults; it will ever be thus.