What lies behind the headlines of Jeremy Hunt’s spring fiscal event?
Yesterday was a good day for higher education pension savers. First, the chancellor announced plans to scrap the lifetime allowance on pension pots and increase the annual contribution cap from £40,000 to £60,000.
Then came the news later in the afternoon that benefit levels in the Universities Superannuation Scheme (USS) could be restored by August 2024. It all meant that young people in universities will be paying less in pension contributions, while senior managers will be able to squirrel away more for retirement.