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.
Steven Cameron, pensions director at Aegon UK, believes that “against a backdrop of continued low interest rates, the chancellor must do everything he can to encourage people to prioritise long-term savings”.
Cameron identified six ways in which the Spring Budget could promote stability and confidence among savers:
-
End the Lifetime Allowance;
-
Commit to the current pensions tax relief system for the duration of this government to avoid destabilising auto-enrolment and Defined Benefit schemes;
-
Introduce a pensions saving equivalent to auto-enrolment for the self-employed and those on zero hours contracts;
-
Maintain the MPAA at current levels rather that the proposed 60% reduction to avoid undermining the government’s own initiatives on pension savings and encouraging longer working lives;
-
Introduce more flexibility to state pension access: making it available from an early age, e.g. 60; and,
-
Align pensions and social care policy to encourage greater personal responsibility.
Tags: Aegon | AJ Bell | Fidelity | Nucleus | Old Mutual | Pension | Rachael Griffin | Rachel Vahey | Steven Cameron | Tom Selby
