05 November 2024
8 min
See excerpts from this month’s articles below, and to read more, download our latest Current Issues.
Chancellor of the Exchequer Rachel Reeves has delivered her first Budget. Despite a rumour mill that was even more frenzied than usual, and the threat of £40bn in tax rises and spending cuts, there were few directly pensions-related announcements. Most notably, major changes to the inheritance-tax treatment of pensions are coming, bringing significant new burdens for scheme administrators—although not until April 2027.
Update on Enabling collective DC master trusts.
In mid-October 2024, the Office for National Statistics announced that the Consumer Prices Index (CPI) had risen by 1.7% over the period from September 2023 to September 2024. September’s annual price-inflation percentage is conventionally the one used for minimum-increase purposes in the UK pensions realm, and the CPI measure of inflation has been preferred since 2010. So, over the coming months, that 1.7% figure is likely to appear in, or in the calculations underlying, numerous statutory orders providing for benefit increases in 2025.
The Pensions Minister, Emma Reynolds, made a Written Statement in the House of Commons on 22 October on the subject of pensions dashboards. She said that she has instructed the Pensions Dashboard Programme to focus its efforts on getting the MoneyHelper (MaPS) dashboard up and running, and to connect commercial dashboards thereafter.
Updates from HMRC's Pension Schemes Newsletter 163 and 164.
The Pensions Ombudsman and the Pension Protection Fund (PPF) have published their annual reports for 2023/24.
Download our Current Issues November 2024 here
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