The document states: "The government will extend the scope of QCR to cover self-funded shared lives payments to encourage the use of shared lives care."
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Also within the Budget, Mr Hammond affirmed the government’s intention to continue bolstering innovation from UK Plc by extending investment opportunities.
Yet there needs to be more clarity for pension funds and trustees when it comes to investing their member’s money in things such as infrastructure and technology.
Commenting on the government’s announcement to provide pension funds with guidance on long-term investments, Liz Field, chief executive of the Personal Investment Management and Financial Advice Association (Pimfa), says: “This is a welcome announcement by the chancellor and we await guidance by the Pensions Regulator.
“The increase in participation in private pension saving since the introduction of automatic enrolment has seen the beginnings of a shareholder revolution within the UK.”
According to Ms Field, millions of savers now have a financial interest in organisations, property and various other asset classes to which they previously had no exposure.
While this is beneficial in terms of choice and diversification, she stresses the need for transparency.
Ms Field adds: “We support any moves which provide pension funds with clarity on new and innovative ways to grow their members’ money and believe steps that encourage investment in innovative firms will only help to encourage a sense of mutual ownership and engagement among UK consumers.”
Kay Ingram, director of public policy, also welcomes the chancellor's recognition that pension savings are "an important source of capital for business investment".
She believes the chancellor could kill two birds with one stone - boosting investment into infrastructure and technology by removing the penalties attached to breaching the LTA.
Ms Ingram explains: "One option for the government to consider would be to cancel the recovery charge on excess benefits over the lifetime allowance where these are designated to this type of investment.
"One of the unintended consequences of the restrictions on pensions savings has been that those near or over the lifetime allowance have less incentive to take risks with their pension savings.
"Any upside gains are heavily taxed, once the allowance is exceeded but with no compensating relief if the investment falls in value.
"Ways of redressing this need to be sought and we would be keen to contribute to this debate as we understand the behavioural influences on those clients who have been discouraged from taking risk by the lifetime allowance restrictions."
One will have to wait to see if Mr Hammond takes the industry up on such suggestions and thereby implements a mutually beneficial strategy.
