26 November 2025
Responding to the UK Chancellor Rachel Reeves Autumn Budget delivered today, Paul Sweeting, President at the Institute and Faculty of Actuaries, said:
“The decision to impose a £2,000 limit on salary sacrifice for pension contributions will undermine current efforts to improve retirement outcomes for individuals. In doing so, the act of saving into a pension will now be more expensive, more complex and less attractive to both employees and employers.
“As we highlighted before the Budget, the most successful interventions on pensions policy have been built upon foundations of long-termism and stability. This announcement is at odds with the welcome steps the Government is taking elsewhere to improve pensions provision, notably via the Pensions Commission and measures in the Pensions Schemes Bill designed to help savers grow their pension pots.”
~ENDS~
Sonia Sequeira, Communications Lead, IFoA
Tel: 07525 592198
Email: sonia.sequeira@actuaries.org.uk
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