Nucleus' pensions technical manager, Jon Gwinnett, highlights what he would like to see addressed by the Chancellor tomorrow

Clarity … and a pause for breath
“Working in pensions is often an illustration of the (possibly apocryphal) Chinese curse, ‘may you live in interesting times’. And this year has certainly been interesting. Radical reform of the decumulation phase of pensions has swept aside many of the old certainties, but with only a handful of months to go until all the new rules kick in, there is still a distinct lack of certainty – and legislation – to aid the industry in building the new pension architecture,” Gwinnett argues.
Consistency
“The differential tax treatment of survivors’ pensions from annuity products is illogical and unfair and should be addressed. The continuing discrimination at age 75 is also unfair, but perhaps less likely to change.”
Simplicity
“The rules surrounding Money Purchase Annual Allowance are still too complex and should be streamlined,” Gwinnett points out.
Audacity
“The continued use of the Lifetime Allowance charge as a tax on good investment performance is outmoded. If we have strict rules on annual allowance governing accumulation, why do we still need a cap on total pension savings as well?”
“Nonetheless, I suspect the Chancellor may still surprise us all. It is, after all, the final autumn statement before an election,” Gwinnett adds.