BUDGET 2012: live blog from 12:30pm today

13.32 And that's it! Osborne has sat down. Of course the "devil is in the detail", as Josephine Cumbo has just written in to point out. So here's the detail.

A lot to think about there, with no cap on tax relief a late boon to pensions people. Saga director general Ros Altmann tweets this is 'amazingly generous'.

The absense of anything auto-enrolment/Nest related has been noted, however. DCisions Nigel Aston writes in: "It’s disappointing not to hear from the chancellor about how critical to the country the success of pensions in general and auto-enrolment in particular are."

13.26 More tax news from Osborne: Personal Income Tax allowance to rise to £9,205 from April next year.

Also corporation tax to fall to 24% (20% for small companies) from next April. To fall to 22% over the coming years.

13.23 Osborne: "From April next year the top rate of income tax will be 45p."

13.18 A big one! "I don’t intend to make any significant change to pensions tax relief," announces Osborne. "We've capped benefits. Now it is right to cap tax reliefs too."

This is a major dividing line between the government and opposition.

Shadow pensions minister Gregg McClymont said in an interview with PW’s sister title schemeXpert.com on Friday: “There is a balance to be struck. We know that a very significant majority of tax relief goes to those in the top 10% of the income distribution and a number of people would say that is not the best use of that money.

"At the same time… how do you continue to incentivise people to save into a pension? So there’s a balance to be struck and I’ll certainly be continuing my discussions with Treasury colleagues on how we proceed on that so I would say watch this space.”

And this is his predecessor, now shadow Treasury minister, Rachel Reeve's at the recent NAPF conference.

13.15 the SPA review, not so much. 'State Pension Age changes may mean those borne today should not expect their state pension until they are 75.' Tweets Raj Mody of PwC.'

Tom McPhail also tweets: 'A moving SPA is going to cause problems for DB schemes and for automated DC lifestyling strategies.'

13.12 The single tier state pension generating the most pensions-related heat on Twitter. Reaction seems to be entirely welcoming. Bluefin's Robin Hames tweets: 'Pat on the back for Mr Webb - may have taken time but at least the flat-rate pension argument seems to have been won.'

13.10 Joanne Segars sounds positive note on the state pension announcement: From Twitter: 'Good news! Govt confirms the go-ahead for single tier foundation pension. Good for pensions and pensioners.'

13.08 The (newborn) elephant in the room? Tom McPhail tweets: 'State pension reform has taken longer to produce than a baby elephant.'

13.06 Osborne: Single state pension of £140, above the means test. He also claims only Steve Webb can understand the pensions system. Some in the industry may feel slighted. Let us know.

13.05 Osborne: Age related allowance being "simplified" for over 65s from April 2013. He adds: "No pensioner will lose out in cash terms."

Grant Thornton's Ian Hartnell writes to us to say: "It is very good news that the age-related allowance is being simplified. It is going to come in line with the personal allowance. It will make it a lot easier to understand."

13.04 Osborne promises to close "tax loopholes". 

13.00 Osborne claims this is a “budget for Wallace and Gromit", Iain Anderson reckons this is the "best budget line in years".

12.59 SchemeXpert.com deputy editor Ian Smith gets in touch to say: "Pension fund investment consultants have told me perpetual gilts not the answer. Will we buy them though? Probably."

12.56 New rail links for the North of England, says Osborne. "Presumably paid for by pension funds," says Pensions Week reporter Katie Morley 

12.55 But Redington's Gurjit Dehl is sceptical about perpetual gilts. He tweets: 'Instead of superlong 100 year nominal gilts, how about issuing more 50 year index-linked?  They seemed to go down well last time!'

12.52 Independent pensions consultant Rachel Vahey tweets welcoming the SPA review: 'Good to see automatic review of SPA. This needs to be taken out of politics and MPs' hands.'

12.48 Osborne: Bank of England's Debt Management Office will consult on a "perpetual gilt with no fixed redemption date".

12.45 Osborne: Increases in state pension age will be reviewed to ensure in pace with longevity with OBR report this summer.

12.42 Iain Anderson, director and chief corporate counsel, Cicero Group, gets in touch about Royal Mail: “The Royal Mail announcement allows Osborne to underscore his debt."

12.40 Osborne calls Royal Mail Pension Scheme a "windfall".

12.37 FT Money's Josephine Cumbo on Twitter: 'QE facility to remain in place for coming year. No let up for pensioners.'

12.35 'GO: Stability comes first - impact of sovereign debt crisis has been significant. OBR revising down euro-area growth to -0.3%.'  Tweets FT Financial Publishing's pensions special reports editor Charlie Thomas.

12.30 Osborne begins...

12.28 SchemeXpert.com editor Owen Walker reckons George Osborne is looking nervous. He tweets: 'Osborne playing with his tie...'

12.27 David Cameron pre-empts the budget during prime minister's questions telling the Commons: “As for the very richest in this country, after this budget they’ll be paying more in tax.”

12.25 Meanwhile Hargreaves Lansdown's Tom McPhail lives in hope (also on Twitter): 'Speculation on #pensions taxation has diminished in the past 48 hours - maybe lobbying worked. Still looking for state pension announcement.'

12.20 Afternoon folks, welcome to the PensionsWeek.com Budget 2012 live blog. Starting a little earlier than our planned 12.30, to let you know pensions minister Steve Webb has just tweeted: 'In House of Commons for Budget - looking to see big progress towards Lib Dem pledge of £10,000 tax free allowance.'

George Osborne's 2012 budget has been hotly anticipated all year by the pensions industry, with many waiting to see if their fears of a tax raid on pension pots are justified.

Many more will want to know if the Bank of England will be given carte blanche to buy yet more gilts back from the secondary markets through its 'quantitative easing' facility, possibly to the further detriment of scheme liabilities.

On a more positive note, the long awaited Pensions Infrastructure Platform is likely to make an appearance with the possiblity the government will confirm a firm commitment of cash from a specified number of schemes.

For all this, plus the rest of what affects you — from economic growth to public sector pension reform — keep refreshing this page throughout the chancellor's statement from 12:30pm.