Retirement

The government will start to make payments to those Equitable Life policy holders who purchased their policies before 1992 and are still alive, in December.

The current system of pension tax relief is "unfairly skewed" leaving those on modest earnings with little reward for saving into a pension, John Lawson has said.

YOUNG WORKERS

#AS 2013

The lifetime allowance drops to £1.25m at the end of this tax year exposing some people to potential tax charges. Helen Morrissey looks at what advisers can do to protect their clients.

Today the Autumn Statement confirmed there would be no change to how the income from drawdown would be calculated.

Increasing employer pension contributions driven by rising longevity, auto-enrolment (AE) and poor defined benefit (DB) scheme returns has held back wage growth, according to Treasury figures.

The government will not change the basis on which GAD tables are formulated for income drawdown according to the Autumn Statement.

More workers will have to wait until age 68 for their state pension after the Chancellor confirmed entitlement rules would change quicker.

The government has today unveiled what it said was an unprecedented package of measures to tackle tax avoidance, evasion, fraud and error.