Changes ahead for pensions and benefits

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The CBI has also raised concerns about changes to pension tax relief.

Director general John Cridland said: “Lowering the threshold below £50,000 is not a wealth tax – it’s an income tax which would hit swathes of middle-income earners.

“This would hit small business owners who invested heavily in their companies in the early years so back-load pension contributions to the end of their working lives, particularly hard.

“It would fly in the face of the Government’s efforts to encourage more people to save adequately for retirement.”