The Government had launched a consultation in the Summer Budget 2015, which raised the possibility of pensions taking on some of the tax characteristics of ISAs.
Responses were currently being received and the Government said it would publish its own response in the Budget 2016.
Plans to create a secondary market for annuites were also highlighted, with further details including the framework for the consumer protection package, to be set out in its consultation response this December.
Other announcements on the pensions front included proposed delays to the introduction of auto enrolment minimum contribution rates and simplifications to the new Single Tier State pension.
Richard Parkin, head of retirement at Fidelity International, welcomed the chancellor’s decision not to push through taxation changes ahead of next March however he did identify a £820m tax bonus by pushing back auto-enrolment.
He said the statement had “not been as lively as it has been in recent years on the pension front and we are pleased with the chancellor’s decision to not heap further change on the pensions industry ahead of his final thoughts next March. However, seeing as the industry has tapered annual allowance, changes to the Life Time Allowance and Pension Input Periods (PIPs) to contend with, I can assure you we shall be busy in the interim”.
