article_snippet: The lifetime allowance of tax-free pension savings is likely to be cut from £1.25million to £1million – as revealed in the Mail this month.
article_snippet: The move would jeopardise Labour’s plans to use cuts to pension tax relief to fund a reduction in student tuition fees to £6,000 a year.
article_snippet: Savings of up to £40,000 a year qualify for tax relief with a limit of £1.25million over the lifetime of a pension pot.
article_snippet: A lifetime allowance of £1million would cap final-salary scheme payouts at £50,000 a year and defined-contribution payouts at around £26,000 a year.
highlights_snippet: Also cut in lifetime pension allowance and a review of business rates .
  
highlights_snippet: A cut in the lifetime pension allowance from £1.25million to £1million, hitting the wealthiest .
  
highlights_snippet: Freedoms for five million pensioners to cash in five million pensioners annuities and new incentives for savers .
  