2026 Budget statement

The Pensions Management Institute has welcomed the relative lack of speculation and major new pensions interventions surrounding the Chancellor’s Budget, arguing that greater stability and predictability are ultimately in the interests of pension savers.

Helen Forrest Hall, Chief Strategy Officer at the PMI, said:

“One of the most welcome features of this Budget has been the relative absence of the usual speculation about pensions. Too often, the run-up to fiscal events is dominated by rumours of changes to pensions taxation and allowances, creating unnecessary uncertainty and potentially prompting savers to make decisions based on speculation rather than their long-term interests.

“It is also encouraging not to see another pensions rabbit pulled out of the Budget hat. The industry is already working through a substantial programme of reform, and what we need now is stability, clarity and a continued focus on delivering the Government’s pensions roadmap.

“Schemes, providers, trustees and administrators need the space to implement reforms properly, while savers need confidence that pensions remain a stable and dependable way to provide for later life. The priority should be to make the reforms already under way work effectively and, above all, deliver better outcomes for pension savers.

"We also welcome the revised Pension Tax Allowance measures which will help reduce the administrative burden on those who receive the state pension."

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