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With John Healey’s first Budget as Chancellor due on Wednesday 28th October, this UK pensions and savings preview covers what has been reported, what has reportedly been ruled out, what has already been decided, and what to look out for on the day. For pensions, the change most likely to be announced isn’t a tax rise at all. It’s a higher tax-free allowance for pensioners living on the state pension alone, and by my calculation it’s worth at most £93.20 a year.

Nothing here is confirmed until the Chancellor stands up, so treat everything reported as reported rather than decided.

What’s covered:
???? The backdrop to the Budget — the IFS’s £35 billion gap, and why the biggest reported revenue raiser, a levy on the banks, isn’t aimed at pensions or savings
???? The state pension rise for next April — why the triple lock gives 3.9%, taking the full new state pension to £13,036 a year
???? Why the full new state pension will exceed the frozen personal allowance for the first time — and the reported plan to raise the allowance for low-income pensioners to match
???? Where the £93.20 figure comes from, and the four details to watch for: who counts as “state pension only”, the cliff edge for people with small private pensions, whether eye-sa income counts, and whether it will be automatic
???? What has reportedly been ruled out — cutting the maximum tax-free lump sum to £100,000 and raising capital gains tax to income tax rates — and what hasn’t been formally ruled out
???? The perennial rumours about pension tax relief, plus where inheritance tax on unused pensions stands from April 2027
???? Changes already on the way — the cash ISA limit, higher tax on savings interest, the minimum pension age rising to 57, the salary sacrifice cap, and frozen thresholds until 2031
???? A checklist of what to watch for on Wednesday, including why the Red Book matters more than the speech for pension measures

⚠️ This video is for informational purposes only and is not financial advice. Always consult a qualified financial adviser before making retirement planning decisions.


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