Government DELAYS major pensions review that would see millions boost pots by £11,000
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THE government has delayed a major pensions review that had looked set to give an £11,000 boost the retirement incomes of millions. The review has reportedly been blocked amid concerns it would put a further burden on businesses already reeling from tax measures announced in October's budget.
![[Rachel Reeves has reportedly put the brakes on a planned pension review]](https://www.thesun.co.uk/wp-content/uploads/2024/11/crop-31909232.jpg?strip=all&w=960)
Chancellor Rachel Reeves has stepped in to put the review on hold indefinitely following the backlash to her budget raid on businesses' coffers, according to the Financial Times. Reeves had reportedly been worried the review would demand that employers increase their pension contributions, upping their costs by billions of pounds.
Employers are already in uproar after the chancellor increased Employer National Insurance contributions in a move that will raise the Treasury £25billion. The review of pensions had been announced in June as part of the new government’s mission to "boost growth and make every part of Britain better off".
Reeves had claimed the government's plans would give the average pension pot a boost of over £11,000. The review was to be led by pensions minister Emma Reynolds, working jointly with the Treasury and the Department for Work and Pensions. The Department for Work and Pensions has denied that the review has been scrapped, although could not give a date for when the second phase will commence.
A spokesperson said: “Creating wealth and driving growth is at the heart of our Plan for Change. "We are determined to ensure that tomorrow’s pensioners are supported, which is why the government announced the landmark two-stage Pensions Review days after coming into office and why the Pension Schemes Bill was in the King’s Speech.
