The tax system treats funds that remain in a pension at death extremely favourably. Where an individual dies before age 75, funds remaining in their pension escape income tax entirely - there was income tax relief when the money was paid into the pension and no income tax when the money is taken...

In the current environment of high inflation and rising interest rates, tax cuts at the upcoming Budget would be extremely difficult to justify.

This report makes the case for a new review of the pension system in the UK. There are a number of key challenges facing future generations of pensioners that threaten their living standards in retirement and which, without policy action, mean many are likely to face substantial financial...

How should pensions be taxed? We propose income tax and National Insurance reforms that would more evenly support pension saving. Pensions are the biggest component of household wealth and are treated favourably by the tax system. That means getting pensions tax design right matters. It matters...

Pressures on both revenue and spending are skewed to add to borrowing over the next few years, and threaten the "centrality" of official forecasts.

The Chancellor is in a fiscal bind as low growth and high debt interest payments limit any room for manoeuvre in the forthcoming Autumn Statement.