It’s always about the money

In September 1066, William of Normandy sailed for England, and the following month defeated Harold Godwinson at the battle of Hastings. Establishing a new political and social order was costly. William needed money, and for that he turned to the centres of commerce and wealth. Soon after his coronation in December that year, he wrote to the merchants and traders of London on a scrap of vellum, the oldest document the City holds in its archives. His message? Business as usual please. I am not going to interfere.

Almost a thousand years later, public finances remain a priority, and there are once again rumours of profound changes to pensions and savings taxation as part of the autumn budget. Will tax relief on higher rate contributions be curtailed? Will the State basic pension be changed or means tested? Will national insurance be levied on pension contributions? And what about those who rightly or wrongly believe that their house is their pension?

Constant uncertainty is not only exhausting: it makes retirement planning almost impossible for those who do not have State backed final salary guarantees. Measured debate on public and private sector retirement policy is one thing. Abrupt changes likely to disrupt long term plans are another.

Business, and the people who work in it, are vital for the State finances. Government would be wise to learn the lesson William knew instinctively all those years ago.

Pensions Archive Trust Director, Jane Marshall

This article was first published in the September 2025 edition of Pensions Age magazine