What the Autumn Budget means for your Plan pension

With the UK Government’s recent Autumn Budget announcement, you might be wondering what it means for you. We want to reassure you that the changes announced by the Chancellor will not affect your Plan pension.

The Government have announced that from 2029, there will be changes to contributions that members make to their pensions using salary sacrifice. However, this change will not impact the Plan in any way as member contributions are no longer being made to the Plan.

The Chancellor also confirmed that the State Pension will increase by 4.8% in April 2026, in line with the triple lock commitment. If you haven’t started receiving your State Pension yet, you can get a forecast of what you could get on the Government website www.gov.uk/check-state-pension

If you have other pensions elsewhere that use salary sacrifice, or you’d like to read more about the State Pension, the Budget and what it could mean for you, the Government-backed MoneyHelper website has a blog on how the Budget could impact you. You can read it on the blog section of their website at: moneyhelper.org.uk/en/blog/everyday-money/what-the-autumn-budget-means-for-you

If you’re looking for financial advice, you can find support with choosing an FCA regulated financial adviser online at MoneyHelper or you can check the FCA register.