Previously in the news
The lifetime cap on pension savings will be abolished from April 2024, under Conservative reforms designed to encourage more over-50s to return to the workforce. The overhaul was announced in the Budget on Wednesday March 15. It means savers can contribute to their pension – and benefit from government tax relief – without incurring a penalty.
Sir Keir Starmer has been accused of hypocrisy after it emerged that he has a unique pension deal from his time as Director of Public Prosecutions which allows him to avoid tax on his savings. The Labour leader has pledged to force other wealthy savers to be subject to a cap on their pension savings and on Tuesday night led a Parliamentary attempt to overturn the centrepiece of Jeremy Hunt’s Budget.
However, The Telegraph can reveal that under a special arrangement with the Government, Sir Keir’s pension from his time as Director of Public Prosecutions is exempt from tax rules he would apply to other workers who save more than £1m. Rachel Mortimer and Tony Diver have the full story here.
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State pension age plan shelved as life expectancy falls
The Government is preparing to shelve a planned rise in the state pension age, as a decline in life expectancy leaves ministers struggling to justify the change. The Telegraph understands that Jeremy Hunt is preparing to delay a decision on when to increase the state pension age to 68 – read the full story here.
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