It was announced on 16 December that Rachel Reeves was pressing pause on the second stage of the pensions review, a review that was expected to contain the long-awaited extension of auto-enrolment and measures to help the self-employed save for retirement.

As we near the end of the year and look forward to 2025, it’s difficult not to reflect on the year to date. 2024 presented new challenges for the pension industry, most notably in respect of the implementation of the lifetime allowance abolishment and more recently, the announcement that from 2027, ‘unused’ pension benefits will be subject to inheritance tax.

Despite all the pensions-related fear and speculation that swirled around in the media during the weeks leading up to the Budget on 30 October, it was more of a case of ‘what didn’t happen to pensions’, rather than what did.

From April 2027 inherited pension pots will be subject to inheritance tax (IHT), Chancellor Rachel Reeves announced today in her Budget.

Financial advisers have reported a surge in worried clients contacting them with Budget-related questions on pensions taxation and wealth management, a survey by AJ Bell has revealed.

The first Labour Budget for 15 years takes place on 30 October.

Last year, a whirlwind of change hit the pensions industry as schemes and advisers raced to prepare for the removal of the lifetime allowance, while HMRC staff scratched their heads over exactly how it could be done before the end of tax year deadline, writes Beth Joslyn, of AJ Bell (standing in for Lisa Webster who is on holiday).

As the England cricket team play their last home test series of the summer, I am reminded of a term popularised by the former England batsman Geoffrey Boycott.

Chancellor Jeremy Hunt has reaffirmed the Government’s plans to give people one ‘pension pot for life’, moveable from job to job, despite concerns shared by the financial advice industry.

The Spring Budget 2024 will take place on 6 March, the Treasury confirmed today.