Autumn Budget 2017

Trustees Agenda posted on 22 November, 2017

Today's Budget statement by Chancellor of the Exchequer Philip Hammond was quiet on pensions.

It was, however, confirmed that the lifetime allowance for pension savings will increase in line with CPI, rising to £1,030,000 for 2018-19.

The statement also confirmed that both the new state pension and basic state pension will increase by the triple lock in April 2018, a rise of 3%.

From April 2019, tax relief for employer premiums paid into certain overseas pension schemes "will be modernised to cover policies when an employee nominates an individual or registered charity to be their beneficiary."