Explaining the change in clients’ pension statement values
For any statement issued after 1 October 2023
For any statement issued after 1 October 2023
Rumours UK chancellor could also introduce a £30,000 cap on gifts in inheritance game changer
More wiggle room for pension savers whose pots risk breaching the current limit
It is “business as usual” for UK pensions as no major changes were included in the Autumn Budget by chancellor Philip Hammond, although some small tweaks were made to the lifetime allowance, asset management and the personal income allowance.
Financial advisers should tell clients thinking of taking money out of their pension fund over the next few months to wait until next year to make full use of the increase in the Lifetime Allowance (LTA), industry experts are saying.
The number of Qrops transfers in the last financial year dropped to the lowest level since 2010/11 and is expected to fall further on the back of the UK Government’s 25% charge, as the amount of money accessed via the pensions freedoms hits a record high.
There has been little buzz around the last-ever Spring Budget taking place on 8 March, ahead of triggering Article 50. International Adviser has pulled together views from the industry about what it expects or would like to see addressed when the chancellor takes to the despatch box.