New pension rules to hit rich

THE Budget changes will come into play on the same day as the changes to pension rules revealed earlier this month.

High earners will lose out thanks to new rules limiting annual contributions that qualify for tax relief to £50,000, down from £255,000.

The higher tax bills can be paid directly out of individuals’ pension schemes.

The cost to the wealthy could run into tens of thousands of pounds, with some experts saying the changes will add to the burden on pension schemes.