UK Autumn Statement November 2023: Pensions tax issues

The focus of the Chancellor’s Autumn Statement was on economic growth, including a number of proposals related to the July 2023 Mansion House proposals; we cover those in a separate web page: Mansion House reforms: next steps for UK pension schemes. As a further growth measure, the Chancellor announced a 2% cut in employee national insurance from 12% to 10% with effect from 6 January 2024.

In addition to those growth measures, the government:

• Confirmed that the concept of the LTA would be removed from the pensions tax framework from 6 April 2024. WTW will continue to engage with the government and make the case, strongly, for a delay.
• Published a policy paper covering the elements missing from the July 2023 consultation (reporting and disclosure, transition and international) and indicating where policy had changed since July.
• Confirmed that the triple lock would be based on the 8.5% annual growth in earnings (the average over the three months to July 2023).

Our Pensions Briefing web page: Chancellor’s Autumn Statement 22 November 2023 provides further analysis of these and other measures.

Contacts

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Kirsty Cotton

Director, Retirement

email Email phone +44 1737 274496

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Dave Roberts

Director, Retirement

email Email phone +44 20 7170 2629

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