Osborne urged to rethink pensions

Stripping higher-rate tax relief on the pensions of high and middle-income savers will "catastrophically undermine" trust in a system already in crisis, a group of industry experts and businesses leaders has warned.

Proposals being considered by George Osborne to axe tax breaks will see thousands of pounds vanish from the pension pots of up to four million people by the time they retire, according to the 21 business organisations, pension companies and retirement advisors.