A statement that was exactly that
Although we’d practically been told not to expect any big announcements from the Chancellor’s Spring Statement we all still watch with girded loins, ready for a bombshell on par with the pension freedoms (I won’t be caught out again!) But in a statement that was exactly that: a statement, no direct impact to our sector, we were given some nostalgic Winnie the Pooh references and a vision of an upbeat economy with borrowing and debt reduced. To continue this downward trend begs the question; will pensions be on the chopping block come November?
In all likeliness, no.
The Chancellor’s recent stance on pensions has been that of maintaining a (much needed) status quo and by launching consultations where he can take the time to research and think things through, before making haste changes to legislation. This break from constant tinkering is frankly a breath of fresh air. There’s still lingering suspicion on whether the pension annual allowance will be cut but we’re just going to have to wait until nearer Autumn for the hearsay on that front. Either way the Chancellor will need to continue lowering the country’s debt somehow, let’s just hope that wherever he decided to make cuts, he doesn’t make a Piglet’s ear out of it (see, I can do it too).