On the government's plans to consult on changes to the system of tax relief for pensions, Fiona Morrison, president of the Institute and Faculty of Actuaries (IFoA), said: "We welcome the chancellor's announcement to proceed gradually and consult on possible changes to the pensions tax relief system. It is important that any system is simple and develops an enthusiasm to save for older age, while avoiding unintended consequences.
"As people are living longer in retirement, it is important any changes do not discourage saving sufficient income to allow for adequacy of income in retirement. The system should also be transparent and help individuals understand how much they need to save to fund older age.
"The IFoA looks forward to working with government and industry on these very important issues."