From the blog: More than half of schemes are considering offering a cash allowance to members affected by pension tax changes, as alterations to the lifetime allowance threaten to drive high-earners away from workplace pensions.

Reductions to the lifetime allowance to £1m from April next year from £1.8m in 2010 combined with proposed changes to the tax treatment of pensions could drive high earners to seek other forms of saving

A survey released this week by consultancy PwC, which received 130 responses from businesses of a range of sizes, showed 51 per cent were in discussion over offering a cash allowance to members affected by tax changes.

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