ACA publishes response to the Autumn Statement 2023

Article summary

The Association of Consulting Actuaries (ACA) has published its response to the Autumn Statement 2023. The response has welcomed the progress made towards the items previously mentioned in the Chancellor’s Mansion House speech such as the increased flexibility in dealing with defined benefit (DB) pension scheme surpluses and the potential use of the Pension Protection Fund as a consolidator for small public schemes. However, the response does raise concerns over the government plans for reducing small pension pots by giving savers the ability to nominate a scheme of their choice for employers to pay into. The ACA response also expressed disappointment with the government’s intention to press on with the abolition of the lifetime allowance.