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Keep up to date with the latest pensions news and developments in the Scheme.
Many had expected updates on:
Defined Benefit (DB) scheme surplus rules
The next phase of the Pension Investment Review
The State Pension underpayment review
These were not addressed. However, Reeves said the government is focused on growing the economy by reforming pensions, creating a National Wealth Fund, and cutting red tape.
The pension ‘triple lock’ is a rule that increases the UK State Pension each year by the highest of either inflation, average earnings growth, or 2.5%. Some pensions industry commentators have warned that freezing the tax-free personal allowance until 2028 - announced in the Autumn Budget 2024 - may mean some people have to pay income tax on their State Pension.
The Government is expected to publish the first draft of the Pension Schemes Bill is soon. It aims to improve how pension schemes operate.
To keep up to date with news about your pension, check the News page regularly.
Whether you’re just starting to pay into your pension or you're already taking it, we've got information to support you.