Key Dates

Budget given on 29 October 2018. 

Summary

Key points relating to pension in the Autumn 2018 Budget are as follows. 

• The lifetime allowance will increase in line with CPI for 2019/20 to £1,055,000.
• Initiatives to enable pension schemes to invest in patient capital, including:
• consultation by the DWP in 2019 on the function of the pension charge cap to ensure that it does not unduly restrict the use of performance fees within default pension funds;
• consultation by the Financial Conduct Authority (FCA) by the end of 2018 on allowing unit-linked pension funds to invest in an appropriate range of patient capital assets.
• The government published a response to its consultation on banning cold calling in relation to pensions and intends to implement the ban shortly.
• The DWP will consult later this year on the detailed design for pension dashboards and how an industry lead approach could harness innovation while protecting consumers.
• The DWP will publish a paper "this winter" on increasing pension participation among the self-employed.

Date Accessed: 28/05/2022