8 May 2025
Chancellor of the Exchequer, Rachel Reeves, delivered the Spring Statement on 26 March 2025. Despite media speculation in the weeks leading up to it, she didn’t announce any major updates to pensions or tax rules beyond what has already been announced.
It’s expected that the first draft of the Pension Schemes Bill will be published soon. Among other things, it aims to allow surplus withdrawals from defined benefit (DB) pension schemes to support economic growth. On the defined contribution (DC) side, key changes include introducing measures to automatically bring together small deferred pension pots and new requirements for trustees to offer a default retirement income solution.