Autumn Statement commentary on National Insurance changes from Clare Moffat
Clare Moffat, Pensions and Tax Expert, Royal London:
"Ultimately National Insurance is another tax to be paid, so any saving is a good one. While some will benefit from this reduction, we need to remember that leaving Personal Allowances and income tax thresholds frozen means some will end up paying tax when they weren’t before.
"While our research shows that the average household is paying nearly £500 a month more on household bills and food costs this year, a cut of 2% is a drop in the ocean. Any National Insurance reduction will only help those who are working and those under State Pension age."
For further information please contact:
Patricia Corrigan, PR Manager
About Royal London
Royal London is the UK's largest customer-owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we're able to take a long-term view, focusing on supporting better outcomes for our customers.
Today, Royal London looks after 8.4 million life and pension policies, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.
We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women's Team, supporting women's and girls' rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what's right for our customers.
Royal London works for you.
Discover more at royallondon.com.
*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.
**Figures quoted are as at 30 June 2026.
