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Trustees risk seeing their Pension Protection Fund levy rise by "millions" if they do not focus on the type of guarantee given by scheme sponsors, Mercer warns.

The industry breathed a collective sigh of relief after today's Budget, with no changes to higher-rate tax relief and announcements on state pension reform and infrastructure investment.

Pension tax relief, tax-free lump sums and the annual allowance remained unchanged in the Budget, much to the relief of the pensions industry.

The revised auto-enrolment implementation schedule will net the government £380m in reduced tax relief on pension contributions, according to budget documents.

The point at which people start paying income tax has been increased to £9,205, George Osborne announced in today's Budget.

Chancellor George Osborne will make "no significant" changes to higher-rate tax relief.

The 50p top rate of income tax will be reduced to 45p from April next year, Chancellor George Osborne announced this afternoon.

Two multi-billion pound public sector pension schemes are among investors to have submitted proposals to the Treasury to take on riskier 'greenfield' infrastructure investments.

Chancellor George Osborne has confirmed that the government will push ahead with reforms to the state pension but said age-related personal allowances will be scrapped.

Treasury plans for perpetual gilts and ultra-long gilts with more than 50 years' maturity will fail to attract pension scheme demand, industry figures say.