Budget 2015: Osborne to cut lifetime allowance to £1m - reports

A report in the The Sun said the move will "address concerns that youngsters have borne the brunt of the deficit reduction in favour of wealthy older people". The paper added the move would drown Labour's plans to cut pension tax relief post-election to fund a cut in student tuition fees to £6,000 a year. A Treasury spokesperson said he "would not comment on pre-Budget speculation". Currently savings of up to £40,000 a year qualify for tax relief, but there is an upper limit of £1.25m over the lifetime of a pension pot, following which a tax charge of 55% applies. The limit has ...