Changes in the Budget could harm Brit's pension saving habits

A potential raid on pensions in the upcoming November Budget could cause pension funds to lose billions, threatening businesses and the retirement outcome for millions of Brits.

UK pension funds could suffer a £50bn loss over the next five years if the Treasury decides to slash pension tax reliefs, according to analysis from wealth manager Rathbones .

Savers can contribute up to £60,000 to their pension pot each financial year without being taxed, enticing people to boost their savings without the fear of losing capital.

However, changes to the system are rumoured to be under consideration, including ones favoured by Pensions Minister Torsten Bell before he entered Parliament.

This included slashing the additional rate of

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