What’s happening to pensions in 2024 and what to expect

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We look at five changes we could see for pensions in 2024 and how they could impact your pension and retirement.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Published on 29 December 2023

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

We’ve seen some big changes to pensions over the years, but next year could see the foundations laid for some truly huge developments.

The proposed ‘lifetime pension’ will give members more choice in building pension savings on their own terms, while helping combat the issue of lost pension pots.

However, pensions are also known for their drama, and we can expect a bit of that in 2024.

Debate around the cost of State Pension will continue to rage on. It will be interesting to see whether support for the triple lock will be a feature of any key party manifestos.

There’s also a chance that the abolition of the lifetime allowance is reversed if Labour win the next election.

This article isn’t personal advice. If you’re not sure what’s right for your circumstances, ask for financial advice. Pension and tax rules can change, and benefits depend on your