With constant pre-Budget rumours about possible reductions in the pension tax free lump sum allowance, concerns continue to rise across the Armed Forces community. To ensure this issue gets the attention it deserves, we are releasing this article* early to reach the widest possible audience. The article includes our commentary in The House, Parliament’s bi-weekly magazine.
An increasing number of our members have contacted us considering resigning ahead of the 26 November Budget and asking, “Is my pension lump sum safe?” Policy makers need to understand the potential consequences of their decisions on Armed Forces commitment and retention.
There are some who believe we should ‘wait and see’ what happens on 26 November before commenting. This is a risk we are not prepared to take – the stakes are too high and potential outcomes too severe. This is indeed ‘vital ground’.
The Chief Executive will also write to the Chief Secretary to the Treasury and others in early November and will share his letter online.
*Written for the Autumn issue of our Member magazine Pennant
