Double blow for savers hit by pension reforms as treasury U-turns on annuity promise and Hammond may axe tax breaks
Savers have been hit by a double blow to their pensions from meddling politicians.
Last night the Treasury U-turned on a promise to allow retired savers to cash in their annuities.
And now there are rumours that new Chancellor Philip Hammond will try to axe vital tax breaks that help savers built up larger retirement funds.
Politicians are being lobbied heavily by insurers to hack back a perk known as tax relief for middle- class workers who are in their 30s and older.
At present, savers do not pay income tax on money they put into a pension.
It means that £1 paid into a pension costs a... read more
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