The amount of pension savings on which people receive a tax break is to be slashed to less than a fifth of its current level to save £4 billion a year, the Treasury announced today.
More expensive food and clothing offset falling air fares and petrol prices to keep the cost of living well above the Bank of England's 2% target today.
Anyone approaching retirement who wants to turn their pension pot into a regular income has been urged to do their research or risk throwing away thousands of pounds.
2 September 2010
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