Budget comment: “Today’s respite for pension tax relief is likely to be only temporary…”

Steve Webb, Director of Policy at Royal London, said:

‘The Chancellor’s windfall from better-than-expected borrowing forecasts meant that he did not have to cut back pension tax relief in this Budget.  But having described the system as ‘eye-wateringly expensive’ it is likely to be only a matter of time before this Chancellor – or his successor – comes back for more.  Today’s respite for pension tax relief is likely to be only temporary.”