How to prepare for possible pension changes in the budget

finance
Created 9/17/2024
Updated 9/17/2024

With the upcoming autumn budget, there is speculation about potential changes to pensions, including a possible £460 boost to state pensions due to the triple lock mechanism, which could increase pensions by 4% next April. However, pensioners face a tough winter with rising fuel bills and the removal of the winter fuel allowance for most. There are also concerns about potential means testing of state pensions and cuts to pension tax relief. These discussions are causing anxiety and could lead to hasty financial decisions, but experts advise against making short-term moves that could harm long-term financial health. Hargreaves Lansdown calls for a comprehensive review to ensure sustainable pension planning.

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