From a pensions point of view the biggest news from the Budget was undoubtedly the fact that from 6 April 2027, pensions will fall into the deceased’s estate and therefore be liable for inheritance tax.
I have recently returned from nearly two months away from anything to do with pensions (well, aside from deciding I need a bigger fund to spend more time in all the places we visited, once we don’t have the kids in tow!).
The first Labour Budget for 15 years takes place on 30 October.
Last year, a whirlwind of change hit the pensions industry as schemes and advisers raced to prepare for the removal of the lifetime allowance, while HMRC staff scratched their heads over exactly how it could be done before the end of tax year deadline, writes Beth Joslyn, of AJ Bell (standing in for Lisa Webster who is on holiday).
When the Labour Party launched its pre-Election Manifesto in June, the main pensions-related commitment promised, “…a review of the pensions landscape.”
As the England cricket team play their last home test series of the summer, I am reminded of a term popularised by the former England batsman Geoffrey Boycott.
Following the changes introduced in the 2023 Budget, there has been some focus on how the death benefit rules might change.
I remember seeing the excellent National Theatre production of “One Man, Two Guvnors” in 2014, which was based on the comedy “The Servant of Two Masters”, written by the Italian playwright, Carlo Goldoni, in 1746.
As a much-changed Parliament gets up and running, we pension techies eagerly await the long overdue regulations to correct the drafting errors in this year’s Finance Act.
Pensions expert James Jones-Tinsley reviews the election result and its impact on the pensions landscape...