Rachel Reeves will become the first woman in UK history to deliver a Budget statement on Wednesday 30 October. But how exactly will the measures that she has announced become law – and how quickly?
That’s the question that host Leanne Pickering of Pivotal Paraplanning and James Jones-Tinsley of Barnett Waddingham tackle in this Assembly.
Together, Leanne and James explore how Budget changes contained in the Finance Bill are transformed into client advice - from Parliament, through providers, paraplanners, and other advice professionals - ensuring compliance with the latest laws and regulations.
Along the way, they explore examples of when things go well (like the pensions industry’s prep for A-Day) and when they don't (the ongoing saga of lifetime allowance abolition).
You'll learn about the stages that the Finance Bill must pass and why some changes can happen overnight while others take months to implement. Plus Leanne and James share some ideas about client questions during periods of uncertainty including sources of information that can be helpful.
Whether you're puzzled by parliamentary processes and want to understand more, or just want to brush up on your knowledge of how Budget measures become a feature of your daily work, this conversation offers you a really accessible and interesting primer.
Useful links
During the conversation, a number of sources of useful Budget information are mentioned, so here they are.
James is a fan of the HM Treasury website and the HMRC’s Pensions Tax Manual
He also mentioned the Pension Management Institute’s website - and Leanne coaxed out of him the fact that he’s appearing on post-Budget webinar 2024 Budget and its impact on pensions at 3pm on 30 October
For outsourced paraplanners, Leanne recommended looking out for WhatsApp groups – plus technical insights and briefings published by providers including Barnett Waddingham and M&G Wealth
And there’s the Paraplanners’ Assembly’s Big Tent, of course, where you can often find technical experts – whether they work for providers, or as in-house or outsourced paraplanners – offering their insight, knowledge and expertise.
For more on the parliament end of things, the Institute for Government has a fantastic searchable database of explainers, including this one on Budgets
You can track the progress of any Bill that is before Parliament using parliament.uk's Parliamentary Bills page