Budget to boost lifetime allowance for pension savings

Jeremy Hunt volition usage his Budget to boost the beingness allowance for pension savings of up to £1.8m a twelvemonth to promote radical to support working.

The Chancellor could besides summation the £40,000 yearly headdress connected tax-free contributions to pensions.

It is expected millions could payment from the emergence - which would code authorities concerns that radical earning higher wages discontinue earlier, peculiarly doctors and consultants.

The Treasury said it volition not comment.

Currently, the alleged beingness allowance - the magnitude you tin accumulate successful your pension cookware earlier other taxation charges - is £1.07m.

Mr Hunt volition outline his Spring Budget to Parliament connected Wednesday.