Advisers are being warned to brace themselves for another year of disruptive pensions policy which could see the idea of long-term savings turned on its head.
Reform of pension tax relief is thought to be “almost inevitable” as the Government looks for substantial cost savings against the backdrop of Brexit negotiations and the potential impact on the UK’s growth prospects.
The Bank of England no longer thinks Brexit is the largest domestic risk to UK financial stability, according to governor Mark Carney.
Carney told the Commons Treasury Committee yesterday that the main threat came from four areas: growing consumer credit, a weaker commercial real estate market, the fall in sterling and the deficit in current accounts.
Labour has pledged to uphold the state pension triple lock until 2025.
The commitment comes on the back of Office for National Statistics figures earlier this week showing that pensioner incomes rose significantly more than working population households since the financial crisis.