The Finance Bill received Royal Assent on 26 March. This Act includes details of the changes to the distribution and taxation of defined contribution benefits on the death of a member. However, the reduction in the Lifetime Allowance to £1 million, that George Osborne announced in the Budget on 18 March, will appear in a future Finance Bill.
The Chancellor’s Mansion House speech – and associated consultations
In a speech at Mansion House on 10 July, the Chancellor Jeremy Hunt set out a comprehensive set of initiatives intended to boost pension savings and investment in British businesses. He said the ‘Mansion House Reforms’ could increase the average savers’ pension pot by around £16,000, or 12%, with the aim of increasing investment in […]