All quiet on the Westminster front

08 March 2017

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Jason Whyte, Director, Insurance, comments on insurance and pensions:

In stark contrast to his predecessor’s radical changes, Philip Hammond’s first and last Spring Budget left insurance and pensions well alone. The only mentions were a restatement of the planned rise in ISA limits, and a reference to the new state pension entitlements in his changes to NICs.

While insurers will be relieved not to have another change to implement, they will also know that the calm cannot last.

The recent Green Paper on final salary schemes highlighted some big issues with intergenerational fairness and sustainability in the UK pension system that need to be addressed.

As today’s big National Insurance changes showed, this Government has made fairness part of its agenda, but the tough decisions needed to achieve a fair and sustainable retirement for everyone lie ahead of us.