Buyout vehicle Resolution has bought Axa Life for £2.75bn in a deal part-funded by a rights issue of approximately £2.05bn.

Buyout vehicle Resolution has bought Axa Life for 2.75bn in a deal part-funded by a rights issue of approximately £2.05bn.

Reducing the annual allowance to as little £30,000 could affect thousands of additional pension savers, consultants and advisers say.

Yesterday, the government said it would work with the industry on "alternative ways" to implement pension tax relief restrictions - and would consider reducing the annual allowance to between £30,000 and £45,000 instead.

The government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.

Employer tax rate cuts will help offset auto-enrolment pension costs, Hargreaves Lansdown says.

The government is set to work with the industry on "alternative ways" to implement pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.

Chancellor George Osborne has confirmed the government will tackle the "spiralling" cost of public sector pensions.

George Osborne has been urged to abandon planned cuts to pension tax relief for higher earners in his emergency Budget today.

The government has established an independent commission to look at ways of reducing the costs of public sector pensions.