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The recent Budget announcement by the Chancellor that he would reduce the Grand Old Duke of Pensions - the lifetime allowance (LTA) - to £1m from 6 April 2016 will mark the eighth change in the LTA since its introduction in 2006 and this excludes personalised LTA afforded by certain forms of protection.

Albert Einstein once said that "the hardest thing to understand in the world is income tax".

The Office of Budget Responsibility (OBR) has recently issued its annual Fiscal Sustainability Report. This report looks at how government spending and revenues may evolve over the next 50 years and how this will impact on public sector net debt.

Like many, I was expecting a short announcement during the Autumn Statement followed thereafter by the publication of pages of detail explaining the new pension death tax rules. I certainly wasn't expecting to read about it on my BBC News app on the Sunday night before the Conservative Party conference.

In November last year, the FCA asked Sipp operators to complete a (long) questionnaire to help them with their third thematic review. Among the 40 or so data items requested was the amount of Assets Under Administration (AUA).

It has been a tough couple of weeks for the SIPP industry.

  1. Morrison Blog: Doubtful if new Capital Adequacy rules are progress
  2. Morrison Blog: Questions over choice and freedom in pensions
  3. Morrison Blog: Blowing the pensions credit card in the casino
  4. Morrison Blog: Pension wise or pension whys?

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