Commenting on speculation that higher rate tax relief on pension contributions may be removed or reduced in the Budget on 21 March, Otto Thoresen, Director General, the Association of British Insurers (ABI), said:

"Changing tax relief would be a stealth double-tax equal to the infamous Gordon Brown raid that caused so much damage to this country's savings culture. There can be no justification for double-taxing responsible savers who are attempting to provide for their future.

"In Opposition, George Osborne repeatedly stressed he would be a pro-savings Chancellor. At this very difficult time for savers, he needs to live up to his promises and resist the temptation to view pensions as an easy, short-term hit."