Pensions

Taxpayers have to wait almost three times longer to contact HM Revenue & Customs than they did two years ago, it has been revealed.

The UK's "failing" pension system needs to be radically overhauled and simplified to make it as attractive to consumers as saving into Isas, a report from the Institute of Directors said today.

Pensioners received a £3.3 billion blow in today's Budget as they found out they will eventually lose the higher personal allowance they enjoy in comparison to the rest of the population. This has been dubbed the new 'Granny Tax'.

Pensioners were the big losers from today's Budget, with the news 4.4 million will pay more tax from April 2013, at an average loss of £83 each per year. This has been dubbed the new 'Granny Tax'.

"Complicated" restrictions on the Government's scheme to support the millions of workers who will be automatically placed into workplace pensions must be removed to ensure its success, MPs warned today.

Ed Miliband has called for an end to Britain's "rip-off consumer culture", insisting the Government should intervene on exorbitant charges for savings, holidays, banking and parking.

There has been a "seismic collapse" of private sector pensions and fresh incentives are needed to boost retirement savings as auto-enrolment nears, a report warned today.