Autumn Statement set for 25 November
Chancellor George Osborne will deliver his Autumn Statement alongside the government's spending review on 25 November.
In a letter to Treasury committee chairman Andrew Tyrie, Osborne (pictured) said he would combine the two statements after commissioning an autumn forecast from the Office of Budget Responsibility for November.
The Autumn Statement could feature an update on pension taxation, which the government has been consulting on in recent months.
The Chancellor announced in his Summer Budget he would review the way pensions are being taxed, mulling a change from the current way to one found in ISAs.
Currently pension savings vehicles offer tax relief upfront and collect taxes at point of withdrawal ('exempt, exempt, taxed') whereas ISAs do it the other way around ('taxed, exempt, exempt').
Issuing a green paper in July, the government said it wanted to create a simpler and more transparent way of taxing pensions to incentivise more people to save.
The move followed proposals brought by trusted adviser, The Centre for Policy Studies research fellow Michael Johnson, who had previously called for a full unification of pensions and ISA regimes and the introduction of a workplace ISA to replace traditional retirement savings vehicles.
But industry players have since argued a change to ISA-style pensions could achieve the opposite of a healthy savings culture while throwing up "huge policy issues".
The consultation is nearing its closing date of 30 September.
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