UK - The UK government is set to work with business to find "alternative ways" of implementing pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.
Delivering the coalition government's Emergency Budget today, Chancellor George Osborne said: "Many businesses are alarmed at complexity. I have listened to those concerns, however, I must also protect £3.5bn revenue it would create.
"I will work with industry on raising the same amount of revenue - potentially by reducing annual allowance."
In a Treasury document - published alongside the Budget - the government said "provisional analysis suggested an annual allowance in the region of £30,000 - £45,000 might deliver the necessary yield".
The document also confirmed the government has "reservations" about the approach adopted in Finance Act 2010 - saying it could have "unwelcome consequences for pension saving, bring significant complexity to the tax system, and damage UK business and competitiveness".
The government also announced plans to scrap the rule which effectively obliges people to purchase an annuity by age 75.
In a document published alongside today's Budget, the government said it would scrap the so-called age 75 rule from April 2011.
It said a consultation on the detail of this change would be launched shortly.
The government said legislation for transitional arrangements for those who will reach 75 in the meantime - and are yet to secure an income - would be included in the Finance Bill after the Budget.
HM Revenue & Customs said these transitional arrangements would increase to 77 the age by which members of registered pension schemes have to buy an annuity or otherwise secure a pension income - adding this change would also apply for the purposes of the inheritance tax charges that specifically apply to pension scheme members aged 75 and over.
It said these interim changes would allow those reaching age 75 on or after today's Budget to defer their decision on what to do with their pension savings until after the new rules are finalised next year.
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