Osborne pension attack may kill pensions

Sarah Coles
George Osborne
George Osborne

Dominic Lipinski/PA Wire

George Osborne's Autumn Statement is now widely expected to include a much lower cap on the sums people can pay into their pension each year before they lose tax relief. Osborne is being coy about the contents of the statement, but the experts are widely predicting that you won't be able to pay more than £30,000 into a pension in a year.

That sounds like the sort of cap that can only affect the mega-wealthy, but the experts are warning that it will have a huge impact on many of those on a defined benefit (final salary) pension scheme - and it could lead to the closure of these schemes altogether.