With the Government declaring it has received the worst economic inheritance since the Second World War, here are some pension changes it could make to raise revenue
With the new Labour Government declaring that it has received the worst economic inheritance since the Second World War, there are suspicions that tax rises might be needed in the coming months to pay for public spending.
During the election campaign, Sir Keir Starmer said Labour would not renew the 25 per cent tax-free lump sum, although he later said this was an “old-fashioned mistake” and that there were no plans to change the rules.
And Sir Steve, now a partner at LCP, believes a change is unlikely. “You’d have to have a lot of transitional protection , so you probably don’t get much money early on,” he added.
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