Britons will have poorer retirement after last-minute rule change

Pension experts urging Government to expand auto-enrollment retirement plan rules. Pension experts are urging the Government to make changes to the rules. They say Britain will have 'poorer retirement' after decision to delay decision on plans. The Government has been criticised for delaying the decision to expand plans to save savers' money.

The state pension increased by 8.5% this month, in line with September 2023's wage growth figures. But the latest hike could lead 400,000 people into income tax brackets. The latest hike is expected to lead people into new income tax bracket. The increase could lead to an extra £1billion in tax payouts to the state pension fund.

HMRC forced to issue warning to savers after last-minute change to pension tax system. Lifetime Allowance scrapped for lower limit on lump sum payment. Last-minute rule change has been branded'shambles' by HMRC pension tax agency. Lifetime allowance scrapped for a lower limit of lump sum payments.

HMRC tells savers to delay taking pension benefits until it fixes legislation. Errors in lifetime allowance changes prompts HMRC to issue warning. HMRC has issued a warning to savers about the changes to the pension system. The agency says it is working to fix the errors in the legislation.