Pension Industry: Budget will Give Savers Some Certainty

    The Budget was welcomed by the Pensions industry which is describing it as providing certainty to savers.

    Budget documents reveal the annual Isa subscription limit for 2018-19 will remain to be unchanged at £20,000.

    In line with inflation, the annual subscription limit for Child Trust Funds and Junior Isas for 2018-2019 will be increased to £4,260.

    Also in line with inflation, the lifetime allowance for pension savings will increase, increasing to £1,030,000 for 2018-2019.

    The head of policy at Hargreaves Lansdown, Tom McPhail, said that a lack of big changes “is a welcome relief after years of political interference and the salami-slicing of reliefs and allowances.”

    Royal London stated: “It’s good to see a Chancellor has for once followed what the industry has long called for – to leave pensions Isas or other savings and investment vehicles well alone.

    “This will give savers some certainty going forward while the country faces the uncertainty of Brexit.”