More tax changes could 'destroy' faith in pensions - Punter Southall

Some forecasters believe the Treasury is considering further cuts to the annual allowance, which has already been reduced from £255,000 to £50,000, in a bid to save money. Last December, the government published an estimate that a cut in this limit to £40,000 would save the Treasury £600m a year. Others have suggested it may be cut to as little as £30,000. But Punter Southall is urging George Osborne to leave the existing tax relief in place. Mike Richardson, the group's head of pensions taxation, said: "Faith in pensions as a form of saving for retirement is at an all-time low ...