George Osborne announces gradual reduction in tax-free limit on pension contributions from £40000 a year to £10000 for tall earners tall earners could see their retirement pots reduced by hundreds of thousands of pounds over a lifetime after the chancellor confirmed that pensions tax relief will be reduced for those earning more than £150000. The government has pressed ahead with plans to progressively reduce the annual amount those earning over £150000 can contribute tax-free to a pension each year.
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Source: theguardian.com