Tom McPhail

The number of face-to-face and over-the-phone guidance sessions provided by the government-backed service Pension wise has reached almost 18,000 since its launch in April.

The Treasury will net an extra £700m in tax this year as a result of the pensions freedom and choice reforms, Hargreaves Lansdown has projected.

The National Employment Savings Trust (NEST) has revealed plans to deliver in-scheme drawdown and deferred annuities in response to the ‘freedom and choice' reforms.

Pot follows member (PFM) will do little to engage people with their pensions according to Hargreaves Lansdown head of pensions research Tom McPhail.

The Chancellor has told the House of Commons that 60,000 savers have taken advantage of the pensions freedoms that came into force in April.

Prime minister David Cameron has pledged to restrict pensions tax relief for high earners if the Conservatives win the general election.

Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.

A drawdown charge cap should be placed on sales to provider's existing customers to ensure people are not sold inappropriate products after pensions freedom comes into effect, Which? has said.

The Budget 2015 could see the Tories pledge to raise the income tax bracket by cutting the pensions annual and lifetime allowances, according to reports.

A Labour government would cut the annual and life time allowances that people can contribute to their pensions tax free, Ed Miliband has said.