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Triple lock maintained for State pension in Autumn Statement
Vereinigtes Königreich | Publikation | November 2022
On November 17, 2022, the Chancellor of the Exchequer, Jeremy Hunt, delivered the 2022 Autumn Statement (Medium-term Fiscal Plan) announcing wide-ranging tax increases aimed at reducing the "fiscal black hole" identified by the Government.
Announcements relating to pensions include:
- The Government intends to publish the review of the state pension age (SPA), announced by the DWP in December 2021, in “early 2023”. SPA is due to rise to age 68 for those born after April 5, 1978, under current Government plans.
- Retention of the “triple lock” for state pensions, meaning that they will be uprated by inflation from April 2023, by an amount of some £870 per annum. The triple lock had been disapplied for the 2022/23 tax year due to the impact of Covid on average earnings growth.
- HMT published its response to the review of Solvency II, which confirms plans to cut the risk margin requirements for long-term insurance, as proposed. In addition, more flexible asset eligibility rules will be introduced into the matching adjustment, to include assets with “highly predictable”, rather than fixed, cashflows.
Pensioners will be relieved that the triple lock has been reinstated after its suspension last year. However, the Government’s intention to carry out a comprehensive review of the state pension may cast some uncertainty on retirement plans. There is also potential for the state pension to exceed the frozen personal allowance threshold by 2028, meaning many more pensioners would pay income tax. Speculation that the freeze on the levels of the annual and lifetime allowances for tax-free pensions saving would be extended for as long as five years proved unfounded. The annual allowance remains at £40,000 and the LTA at £1,073,100. The Chancellor made no announcements in relation to auto-enrolment.
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