Autumn Statement

Detail in HM Treasury's Autumn Statement has spelled uncertainty for the future of claiming tax relief under salary sacrifice regimes.

The Chancellor will introduce legislation to stop fund managers disguising their fee income to avoid paying tax.

The Treasury will net an additional £1.15bn in taxes as a result of defined benefit (DB) members transferring to take advantage of incoming defined contribution (DC) freedoms.

Increases in employer contributions to public sector schemes will net central government £335m a year, rising to £390m by 2020, according HM Treasury.

The 55% tax charge levied on beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity has been abolished in today's Autumn Statement.

This morning newspaper reports said George Osborne is expected to reject calls to cut the tax-free annual pension contributions limit from £40,000 to £30,000 in his Autumn Statement.

PP looks at what could be announced tomorrow

At the time of writing this leader the Professional Pensions team was bracing itself for Wednesday's Autumn Statement.

The pensions industry has rejected government proposals to tinker with auto-enrolment (AE) earning thresholds and called for a complete overhaul.

Inheritance is expected to bolster the pension income of people born in the 60s and 70s as they face lower private pension wealth than their predecessors, the Institute for Fiscal Studies (IFS) says.