Heads up, folks! Your wallet might feel a pinch with the upcoming Budget changes. It looks like the Chancellor, Rachel Reeves, has her sights set on reshaping pension savings! The buzz is that the government plans to tweak the tax rules for salary sacrifice schemes, a popular method used by about 5 million people in the UK to bolster their pensions while slashing tax bills. The proposed change would cap the amount you can put towards your pension without forking out for National Insurance. Critics claim this move could have a ripple effect, making pension savings less attractive and possibly unsettling the UK economy. With the aim of closing a £20 billion fiscal gap, this ‘smorgasbord’ tax strategy seeks to raise funds without hiking biggies like Income Tax or VAT. While Reeves promises a fair system, business leaders and experts warn it could add more strain on both employees and employers. What are your thoughts? Is this a well-needed reform or a misstep for pension savers? Let’s chat about it! ⬇️ #Budget2025 #PensionChanges
