Labour's 2025 Budget: preparing employers for possible pension changes

The government’s Autumn Budget on 26 November 2025 is expected to address a significant shortfall in the nation’s finances. With major tax rises ruled out, there is growing speculation that pensions could be in the spotlight. At the same time, the government has relaunched the Pension Commission and brought forward the State Pension age review, highlighting the ongoing challenge of pension adequacy.

Possible changes include:

• Restrictions on National Insurance savings for pension contributions
• A lower cap on tax-free lump sums
• Removal of higher rate tax relief on contributions
• A potential new levy on pension funds

These changes could affect your costs, your employees’ savings, and how you communicate about pensions.

To find out more, download our publication for a summary of what these changes could mean for employers and the steps you can take to prepare.

Click here to download

If you’d like to discuss the potential impacts in more detail, please get in touch.