Autumn Statement 2015: Summary of pension changes

A number of minor pensions announcements were made, the main ones being:

  • The government is currently considering responses to the consultation document on pension tax relief and its response will be published at Budget 2016.
  • Amendments will be made to the provisions on bridging pensions to reflect the introduction of a single tier state pension from April 2016. A bridging pension is an occupational pension which commences before state pension age and then reduces when state pension age is reached to reflect the state pension received. Tax legislation contains provisions to calculate the amount of the reduction and Finance Bill 2016 will align these provisions with those of the Department for Work and Pensions.
  • The next two auto-enrolment minimum contribution increases will be deferred by 6 months to align them with the start of the tax year.