The 2018 UK Budget announcements saw the Chancellor, Rt Hon Philip Hammond, focus primarily on pre-Brexit preparations, consequently only a few items impacting UK pension transfers resulted.
Summary of UK pension related items:
- Ban on cold calling with regards to pension transfers, given the increased number of pension related scams. The UK government is proposing new legislation, making it illegal for anyone to cold call UK pension policyholders, expected to be passed imminently and coming into effect in early 2019. Although the ban is for UK based callers and potential scammers will likely move offshore, the new legislation will raise awareness to the general public, thus protecting consumers and encourage them to hang up if they receive any cold calls regarding their UK pensions.
- The Lifetime Allowance will increase to £1,055,000 from April 2019 (currently £1,030,000)
- The proposed April 2019 launch date of the ‘Pension Dashboard’ (a digital record of all UK pensions available online, including UK State Pensions). The UK Government has committed £5m in ongoing funding for the project and discussions are still ongoing, although it is currently expected to meet the April 2019 launch date.