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The Treasury will respond to the pension tax relief consultation in the next budget.
The chancellor confirmed to parliament that the Treasury will respond to its pension tax consultation fully in next year’s budget (Hansard, 27 October, vol 601, no 58, col 194).
Tom McPhail, head of retirement policy at Hargreaves Lansdown, said this decision was a “reflection of the complexity of the pension tax system and the challenge in introducing any reforms”.
He warned that the fact the government wanted more time to work on the review suggested it was pursuing fundamental reforms that might “lead to cuts in the tax breaks offered to higher earners”.
