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Could pensions suffer another setback? Experts fear savers' nest-eggs could face tax attack in Autumn Statement

December 2, 2013

The Chancellor will present his Autumn Statement this Thursday with experts wary the update on the exonomy will see another raid on retirement saving.

Last year's statement saw George Osborne slash the amounts people can save into their pensions tax-free each year to £40,000, and over their lifetime to £1.25million - changes which will come into force from April.

With this year's statement imminent, pension experts are pleading for a grace period for an industry that has undergone wide-ranging regulatory changes in recent years.

This is Money has rounded up some of the predictions ahead of Thursday's announcement.

Dominic O'Connell, head of tax at Coutts, says: 

'The Chancellor might cap ISA 'pots' and/or restrict the tax-free amount that can be withdrawn from pension schemes, although we believe it would be misguided to introduce such measures before the public start to feel the benefits of economic recovery.

'Such retrospective, or at least retroactive, measures could also damage public confidence in both the UK's tax system and savings mechanisms.'

 

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The Pensioneer Trustee Company (Guernsey) Limited is licensed by the Guernsey Financial Services Commission under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 and subject to The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017.