Commenting on the reduction of the lifetime allowance announced in today’s Budget, Huw Evans, Director General, Association of British Insurers said:
"Pension providers support reform of pension tax relief but three piecemeal cuts to the current system in five years is the wrong way to go about it.
"We need a fundamental review of the whole system to make it fairer and to deliver long-term stability for people doing the right thing by saving for their retirement."