It’s that time of year again, the Chancellor’s Autumn Statement has come and gone and we are in the final few weeks before Christmas, when Lyndhurst offices will be closed from 23^rd December until the 2^nd of January.

Reflecting on the announcements in the autumn statement, thousands of words have been written in the media and so I won’t repeat them, other than to pick out one area that may well have been missed by some but could have a long term effect on pension savings.

In the Spring Jeremy Hunt announced the abolition of the lifetime allowance on pension contributions and this November he followed up with proposals to give workers the right to nominate which pension plan their employer pays their pension contributions to.

With increased mobility of the workforce the number of small pension pots has increased significantly and according to estimates there are 20 million inactive pension pots of less than £10,000 representing around £30bn in savings.

At Lyndhurst we have been helping our clients consolidate their various pensions into one manageable pot for many years and will continue to do. We do welcome the proposals although for smaller companies this could be quite an administrative burden, only time will tell.

I’ll finish by congratulating our MP, Bim Afolami, on his appointment to the post of Economic Secretary to the Treasury following in the footsteps of his predecessor Lord Lilley and wishing all in the Lyndhurst family a very merry Christmas and a happy and prosperous New Year.

Geoff Newman

Director

https://lyndhurstfm.co.uk/

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