What to expect from the last ever Spring Budget
By Kirsten Hastings, 1 Mar 17
There has been little buzz around the last-ever Spring Budget taking place on 8 March, ahead of triggering Article 50. International Adviser has pulled together views from the industry about what it expects or would like to see addressed when the chancellor takes to the despatch box.
“For too long, we have had rife speculation over the future of pensions tax relief every six months, at the time of Budgets and Autumn Statements, causing confusion for pension savers,” said Rachel Vahey, product technical manager at Nucleus.
What the adviser-built wrap would like to see is a cross-political group work together to develop a long-term vision for UK pension provision.
“Putting an end to constant speculation will help people understand the benefits of using pensions to save. This is crucial at a time when automatic enrolment is coming of age, and minimum contribution limits are increasing to their full level.
“People need to have confidence the current rules will stick without significant change or limits being downgraded. The constant tinkering with pension legislation – and the rumours of change – only puts people off saving for their later life.
That isn’t to say improvements can’t be made to pensions legislation, Vahey added.
“We would welcome changes to remove discrepancies or to simplify the rules and regulations. These could greatly help advisers and their clients navigate the pensions quagmire and save more effectively.”
Tags: Aegon | AJ Bell | Fidelity | Nucleus | Old Mutual | Pension | Rachael Griffin | Rachel Vahey | Steven Cameron | Tom Selby
