Autumn Statement 2025: Make your views known

No one ever told me it would be easy. Ahead of the ensuing Autumn Statement next month, the most topical point in client conversations is, “I can take my tax free cash from my pension plan, should I?” A growing number of individuals have done so or plan to do so.

It’s great that clients are asking us for our opinion. But it is very difficult to provide advice on speculation as we are obliged to advise on current legislation. This topic is frustrating as I always aim to put myself in the shoes of my clients. What is the best thing for them to do? However, I am restricted in the advice that I can provide, I work in a world of the now, not in the world of a crystal ball.

As this frustration has grown, I have felt compelled to contact both the Chancellor and the Pensions Minister to share with them my thoughts and some ideas.

In my letter I acknowledged that we are currently living in difficult financial times and that it may not get easier in the coming months. Asset prices have continued to rise. We are a society that is burdened by debt. But I also pointed out that those individuals that have done the right thing financially are the ones that could be disadvantaged by the speculated changes to the tax system that might levy a fee on their assets. These are the people who have spent less than what they have earned, saved for a rainy day, invested for their long term future and are repaying their mortgage. Why are they the ones being penalised?

I suggest that there must be another way. That yes, there are some difficult decisions to make but that there are also some low cost wins.

Low cost wins include getting the FCA to make provisions to teach personal finance in schools. That would create a chance for the Government to help youngsters as well as parents/foster parents/carers to learn money skills. Such assistance might be a vote winner as most eligible voters tend to vote on what is better for their pocket as well as society. It would also have positive long term effects. A difficult decision would be to levy a tax on unearned income, such as rental income and investment income, for example. This  idea could create a passive income stream for the coffers of the Treasury. I put both these suggestions in my letters.

If, like me, you have similar frustrations, why not do the same and make your views known. And if you have ideas of what could be done, send those out too.