The new pension system: what to do now

This year's Budget has shaken up the pension system. Merryn Somerset Webb runs through the changes, and explains what they mean for you.

By now, you should know all about the new pensions system announced by George Osborne and under consultation for the next 12 weeks (see here if not). You might not be entirely sure what you should do about it.The first thing to say is that you should read this week's magazine as well as my article on the matter of the Life Time Allowance (LTA).

If you are young and saving well, you might need to stop saving into your pension sharpish and hang on until you can take advantage of the new Isa arrangements.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.