Sajid Javid

The Pension Schemes Bill will now move for consideration in the House of Commons after it was passed in the House of Lords yesterday (15 July) following a third reading.

New chancellor Rishi Sunak is likely to ease restrictions on pension tax relief for high earners to meet the NHS workforce crisis.

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.

Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.

High earners could face significant cuts to pension tax relief in the upcoming Budget under new Treasury plans to rein in the “perverse” system, according to reports.

Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%.

Companies with large pension schemes have already made budget allowances in advance of proposed changes to the Retail Prices Index (RPI), Willis Towers Watson (WTW) says.

Scottish health secretary Jeane Freeman has written to chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget.

Pension schemes have been called on to play a central part in the government’s plans to meet climate change expectations. Hope William-Smith asks how this can be achieved