This year's Autumn Statement takes place on Wednesday 22 November (expected around 12.30).
WTW will be reporting here on announcements, which we expect to include the next phase of abolition of the lifetime allowance (LTA) for pensions (the LTA charge was removed from 6 April 2023 and the concept of the LTA is intended to be removed from the legislative framework from 6 April 2024). It is likely that the government will confirm the level of the State pension from next year and it may also spell out how it intends to take forward any changes to automatic enrolment (eg reducing the lower earnings and age thresholds).
As well as these “normal” fiscal event-type announcements, we're also expecting the government to progress the package launched by the Chancellor at his Mansion House speech in July. These included:
Calls for Evidence
Pension trustee skills, capability and culture: to support the development of policy options for improving the skills and capability of pension trustees and removing barriers to trustees' ability to make effective investment decisions.
Options for Defined Benefit schemes: to support the development of innovative policy options to increase protection for DB members while supporting wider economic initiatives.
Consultations
Decumulation: policy questions on support and products to be made available to members of occupational pension schemes at retirement.
Ending the proliferation of deferred small pension pots: policy questions to gather additional views and evidence on the proposed automated consolidation solution to address the growth of deferred small pots.
Consultation responses
Value for Money framework: confirming the intention to proceed with most of the original proposals for comparing the value for money of workplace pension schemes. The DWP committed to continue to work with industry and other stakeholders as it develops the detail of the framework.
Extending opportunities for collective defined contribution schemes: confirming that the Government intends to consult on draft regulations to extend CDC provision to whole-life multi-employer occupational pension schemes this Autumn and will continue to explore ways in which CDC as a decumulation only option might be accommodated.
Consolidation of DB pension schemes: confirming that the Government will look to introduce a new legislative framework for authorising and regulating ‘superfund' consolidation vehicles as soon as parliamentary time allows.
See also WTW's “ Pension policies for the new world of DB surpluses”, “ A golden opportunity to improve outcomes for UK pension savers” and “ Could your DB pension scheme be consolidated into the PPF?”.
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