Patrick Bloomfield, Partner at pensions consultancy Hymans Robertson sets out what we would like to see in Monday’s budget announcement:

 “If Philip Hammond decides that the Budget is the time to make changes to pensions then we’d like to see clear fundamental change following a proper consultation, rather than the tinkering round the edges that has so dominated the pensions industry over the past few years. Continuous, small changes do nothing but undermine hard-won confidence in pensions. They distract the industry away from making essential progress, when the focus should be on securing the future outcomes for pension scheme members.

 “Rather than simply using it as a tool to boost the nation’s finances, any alterations to tax relief must factor in the impact it will have on members’ retirement outcomes. Changes to either the lifetime or annual allowances would have to be substantial to provide a material uplift on the country’s finances. Given the current political instability, however, it’s unlikely that Hammond will attempt to force such a change through. We would caution the chancellor away from rushing in to minor changes for minimal gains and instead take the time to find a clear fix that works for all.”