Rachel Reeves’s tax raid on savers risks disincentivising workers to put money in their pension pots and forcing them to wait longer for retirement , experts have warned.

Policies such as capping pension salary sacrifice schemes and slashing the tax-free limit for cash Individual Savings Accounts (ISAs) will worsen the issue of Britons “under saving” for their retirement, the Chancellor has been told.

Income tax on savings is also set to rise by 2 per cent after the Budget .

Concerns about threadbare private pension pots have been heightened because of the pressure on the state system, with some economists arguing that the triple lock should be scrapped and the retirement age increased to keep costs under control. New Feature

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