UK - The annual allowance will be cut from £255,000 ($408,000) to £50,000; the lifetime allowance reduced from £1.8m to £1.5m, and the factor for valuing final salary benefits increased from 10 to 16, the Treasury has announced.
It said this would replace the "complex proposal" legislated for by the last government in the Finance Act 2010.
The Treasury said the measure would raise £4bn a year and would help reduce the "record budget deficit" inherited from Labour - but would be targeted at those who make the most significant pension savings
It said these new allowances will for the time being be frozen - with options for indexing to be considered from 2015-16.
Pension benefits for deferred pensioners will be exempt from the annual allowance regime.
The Treasury estimated the changes would affect 100,000 pension savers - 80% of those will have incomes of more than £100,000.
However, the government said it was committed to protecting individuals on low and moderate incomes as far as possible.
It said to protect individuals who exceed the annual allowance due to one-off "spike" in accrual, the government would allow individuals to offset this against unused allowance from the previous three tax years.
The Treasury said it would also introduce a CPI exemption - which would mean only pay rises in excess of CPI inflation would be taken into account for final salary benefit calculations.
In addition, it said it would consult on options enabling people to meet tax charges out of their pensions in November.
The Treasury said in order to protect the public finances it is necessary to introduce the reduced annual allowance from April 2011. The government plans to introduce the reduction in the lifetime allowance from April 2012.
Hoban said: "We have abandoned the previous government's complex proposals and developed a solution that will help to tackle the deficit but not hit those on low and moderate incomes. We have taken a tough but fair decision.
"The coalition government believes that our system is fair, will preserve incentives to save and - compared to the last government's approach - will help UK businesses to attract and retain talent."
Hoban added any reform had to be sustainable in the long-term.
The Treasury said the discussion document issued in the summer noted a reduction in the annual allowance to between £30,000 and £45,000 could achieve the desired objective.
However, the government has decided that targeting the lifetime allowance alongside the annual allowance enables the latter to be £50,000.
It said: "This will ensure that fewer individuals on low incomes are affected by the regime."
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