Autumn Statement: pension surplus changes could lead to different strategies

In the Autumn Statement, the Chancellor announced a reduction in the tax charge for sponsoring employers when accessing surpluses from their defined benefit (DB) pension schemes from 35% to 25% from 6th April 2024. Alongside this, the government will be consulting on changes to rules around when scheme surpluses can be repaid. Nick Gibson, Senior Director at Cardano, gives his views.