From 2028, many pensioners whose sole income is the full state pension may become liable for tax, if the personal allowance threshold remains frozen at £12,570. What is given in state pension will be taken back as income tax. https://t.co/GJhcjdZCTR
— Josephine Cumbo (@JosephineCumbo) November 24, 2025
Click here to join direct from this blog at 10.30 Today
Here is Mike Bromwich’s thinking for this morning.
Pension PlayPen has decided that its meeting at 10.3o am this morning will be our chance to establish what we as a community find acceptable and what unacceptable of the various proposals so far put forward. It was around now that the Chancellor in 2014 decided that Pension Freedom might be a good idea and by the Wednesday in 2014 the die was cast. The same may happen this week, there may be a radical new idea that arrives at the budget that impacts pension saving and pensions in payment, but we cannot guess the minds of ministers and their civil servants.
Come at 10.30! We will publish a video and a blog on Wednesday morning in time for the budget (but not to change anything). It will be our statement of intent for what we want to hear.
The FT runs its headline on pensions and Mary and the pension team tell us
A Budget tax raid on salary sacrifice schemes is set to raise £3bn-£4bn, hitting businesses and encouraging employers to cut pension payments to staff
