Chancellor

To promote intergenerational fairness

The "legislative paralysis" since June's snap general election and the dominance of Brexit debates means the Chancellor could tinker with "monstrous" tax relief in his Autumn Budget in November, Sir Steve Webb has said.

This week's top stories included reports that chancellor Philip Hammond is considering cutting higher-rate tax relief in the Autumn Budget, while the Court of Appeal ruled IBM had the right to impose a cap on increases in pensionable pay.

The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 per year will apply retrospectively from April 2017, after the Treasury confirmed plans to reintroduce tax relief cuts from that date.

This week's top stories include coverage of the Spring Budget, where the chancellor confirmed the money purchase annual allowance will fall to £4,000.

The government has reaffirmed its commitment to crack down on pensions cold calling and give firms more powers to block suspicious transfers.

There is much speculation over what next week's Autumn Statement could throw up for pensions, so what does the industry want to see?

Benchmark 10-year gilt yields passed 1% yesterday for the first time since June's referendum, as overseas investors continued to shed sterling assets over fears of a 'hard' Brexit.

The most popular stories were a potential RAA for British Steel Pension Scheme if the government shelves plans to change pension law, and Treasury plans to launch the pensions dashboard by next Spring.

Introducing greater flexibilities for defined benefit (DB) members should be a serious legislative consideration for the government according to Broadstone technical director David Brooks.