Things to keep in mind in the run-up to the Autumn Budget

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With the Chancellor’s Autumn Budget coming up, there’s been lots of speculation about what changes might be on the way for pensions. But remember, nothing has been confirmed yet.

Changes to pensions usually require changes to legislation, so they don’t always take effect immediately. If you’re thinking about making changes to your pension plan because of what you think the Chancellor might announce, be sure to carefully consider all the implications first. Don’t forget, some actions – such as taking money from your pension plan – may be irreversible. 

If the government does announce pension changes, we’ll keep you up to date with relevant information.

You can get free, impartial guidance from Pension Wise if you’re over 50. Or if you’re looking for personalised advice and don’t have a financial adviser, MoneyHelper can help you find one. 

Frequently asked questions

Will the Autumn Budget change how I can take money from my pension plan?

We won't know until the Budget announcement if the government intends to make any pension changes. But most changes usually require changes to legislation and need to go through Parliament first. So we’re normally able to give you notice about things that could affect your pension plan.

When will I know if there are any changes?

The Autumn Budget is due to be announced on 30 October. If there are changes to pensions that could impact you, we’ll let you know as soon as possible. We usually put this kind of information on our website or send out an email or letter. Depending on what has been announced, you might also see an update in your annual statement.

How could changes affect my pension plan’s value?

Decisions that the government makes can sometimes influence financial markets – which, in turn, can affect the value of pension investments. As the new government hasn't yet announced any plans, we won't know how, or if, markets will respond until after the Budget. It’s important to remember that markets moving up and down – sometimes called market volatility – is normal. And in the past, they’ve shown that they can recover over time, though past performance can’t be taken as a guide to future performance. To find out more, read our market volatility article.

 

The information here is based on our understanding in October 2024 and shouldn’t be taken as financial advice.

A pension plan is an investment. Its value can go down as well as up and could be worth less than was paid in.

Your own personal circumstances, including where you live in the UK, will have an impact on the tax you pay. Laws and tax rules may change in the future.