21st March 2014

Scottish Life – 2014 Budget Summary

George Osborne delivered his fifth Budget on Wednesday 19 March 2014.

It includes big changes to private pensions, some of which are coming into effect before the end of next week while other more radical changes are proposed to take effect from 6 April 2015.  The consultation will close on 11 June 2014. 

Scottish Life’s view 

We welcome the changes to the limits on standard pots and triviality as this will give more flexibility to those with low value pension savings.  We are surprised at the extent of this relaxation, and the removal of all limits which adds another dimension.  We look forward to seeing further detail on this and taking part in the consultation on the longer term proposals.

To see a summary of the changes and the consultation, with links to the Treasury or HM Revenue and Customs please visit the Scottish Life website.

 

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