Rishi Sunak

The government has launched consultations on overhauling the Retail Prices Index (RPI) methodology and addressing the net-pay anomaly.

The government has confirmed it has increased the National Insurance (NI) threshold from £8,632 to £9,500 from April.

First budget of this parliament

The government will raise the two tapered annual allowance thresholds by £90,000 in a bid to reduce the tax impact on high-earning NHS staff.

The Bank of England’s decision to cut the base rate by 50 basis points (bps) will prove challenging for both pension schemes and retirees, the industry warns.

Lane Clark & Peacock partner Steve Webb has urged ministers not to rush raising the pension access age amid growing speculation of a Budget announcement to accelerate the current timetable.

This week’s top stories included further calls for reforms of the pension freedoms, and prevailing uncertainty over cuts to tax relief on pension contributions.

Lane Clark & Peacock (LCP) has suggested the chancellor should take advantage of a large parliamentary majority to introduce a fundamental reform to pensions tax relief to raise significant sums.

Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.