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Try it nowHow the Spring Statement affects you
On 23 March 2022, Chancellor Rishi Sunak delivered his Spring Statement. It is an update on the current state and future expectations of the nation’s finances.
As expected, the announcements from the Chancellor aimed to soften the impact of the cost-of-living crisis and combat increasing high levels of inflation.
There are a few announcements relating to pension scheme benefits. There are also changes to the National Insurance threshold and the basic rate of income tax.
The National Insurance threshold will be increased
The point at which people start paying National Insurance, known as the National Insurance threshold, will be increased from £9,568 to £12,570 from July 2022. It is already due to increase to £9,880 from 6 April 2022.
The Government did not make any changes to the planned 1.25% increase in the rate of National Insurance which will take effect from 6 April 2022.
Income tax will reduce
The basic rate of income tax is planned to be reduced from 20% to 19% before the end of the Parliament in 2024.
The State Pension increase commitment will be honoured
The Government will return to increasing the value of the State Pension every new tax year by either inflation, average wage growth or 2.5% – whichever is higher. This is known as the triple-lock commitment, which was temporarily suspended for the 2022/23 tax year.
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
