Georgina Jones comments on the Autumn Budget 2021
Georgina Jones, partner, comments on the Chancellor’s latest Budget:
“In a quiet Budget for pensions, the Chancellor promised us a further consultation before the end of this year on changes to the DC default charge cap to enable investment innovation and a new direct top-up system for low earners in net pay arrangements. The latter is intended to address the “net pay anomaly” which leaves low earners in such arrangements without the 20% top-up to their pension contributions that is automatically received by those in relief at source schemes. The first payments will be made in 2025/26 in respect of pension contributions made from 2024/25
So, we can all breathe a sigh of relief that, for now at least, we will not have to grapple with more changes to pensions tax.”