Potential Pension Reforms in the Budget
Pension savers may face new rules after the Budget if Chancellor Rachel Reeves targets their pots to fill the fiscal black hole.
A former pensions minister, Ros Altmann, advises Chancellor Rachel Reeves to consider cutting tax-free cash and the annual allowance, but to U-turn on making pensions subject to inheritance tax.
Altmann, who served as pension minister under David Cameron from May 2015 until July 2016, said pensions should be changed "as little as possible" in the upcoming Budget, set for 26 November.
Some potential pension changes could be on the way, with 12 possible reforms being considered.
Author's summary: Pension reforms may be introduced in the Budget.