Key pensions items from the Chancellor’s autumn statement 2025
Triple lock: This remains in place so the State Pension will keep going up each year by the highest of 2.5%, inflation or earnings growth. State Pension increases will be 4.8% from April 2026. ISA reforms: From April 2027, the annual tax-free allowance in cash ISAs will be reduced from £20,000 to £12,000 for under […]
Bereavement Support Payment
Losing a loved one is never easy, but claiming the death benefits you and your family are entitled to should be. If your partner has unfortunately passed recently, or you know someone that has lost their partner, then we strongly recommend looking into the Bereavement Support Payment. This may be available to those who were […]
Updated Retirement Living Standards 2025
The Pensions UK ‘Retirement Living Standards’ help savers think in a practical way about the kind of lifestyle they might lead in retirement. They have updated their standards in line with rising healthcare, food and fuel prices and the need to provide extra financial support to family. They now suggest a single person will need […]
Key pension items from the Chancellor’s autumn statement 2024
The key things to note about pensions and related benefits are:
Midlife MOT
If you’re aged 45 to 65, you should visit the GOV.UK digital ‘Midlife MOT’ service. It provides free online support that allows you to assess your finances and wellbeing to prepare for a more secure retirement. You can find this at: www.yourpension.gov.uk/mid-life-mot/.
Abolition of the lifetime allowance
The Finance Act 2024 abolished the lifetime allowance (LTA). The LTA was the amount of savings you could have at retirement from all your pension scheme benefits combined, without incurring an additional tax charge. The Government has replaced the LTA with two new tax-free lump sum allowances: These new allowances apply to all your pension […]