UK Pensions Update: Special Edition: Autumn Budget 2025

26 November 2025

In this special edition of the UK Pensions Update, we take a look at the pensions announcements made by the Chancellor in today's Budget.

In this edition, we cover:

1. NICs exemption on salary sacrificed pension contributions to be capped at £2000 per year from 2029
2. PPF and FAS members to benefit from pre-1997 pension increases from 2027
3. Further changes to surplus rules from 2027
4. British Coal Staff Superannuation Scheme surplus to be returned
5. State pension triple lock to be maintained
6. No changes to pensions tax-free lump sum allowance or pensions income tax relief.

View the newsletter here.

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