Featured: Spring Budget 2024
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11 March 2024
PIMFA WEEKLY BULLETIN PRESS RELEASES
ABOUT PIMFA
CONSUMER DUTY
WEALTHTECH
Spring Budget 2024 The Chancellor of the Exchequer presented what may be the final timetabled financial statement to Parliament before the next General Election. The flagship measure of the statement was the widely reported cut to National Insurance with an indication of further cuts in future and the overall aim of abolishing National Insurance entirely. The main measures of interest outlined in the statement include: •
The abolition of the non-domiciled tax status which will, in turn, be replaced by a ‘modern, simpler and fairer system’ from April 2025.
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A commitment to bring forward requirements for Defined Contribution (DC) pension funds to publicly disclose the breakdown of their asset allocations, including equities, working with the Financial Conduct Authority (FCA). •
Trailing the upcoming Value for Money pension framework, which will highlight where schemes are focusing on short-term cost savings at the expense of long-term investment outcomes.
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A recommitment to the triple lock.
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The launch of a new UK ISA and British Savings Bonds to provide opportunities to save while supporting investment in the UK.
We will be responding to the consultation on the UK ISA. Initial feedback before the announcement has been largely negative and we would welcome further representations from firms on this issue – regardless of your views. Please contact Simon Harrington for further information.