£4bn raid on pension savings likely, says former Osborne adviser

Steve Webb says tax-free lump sum ‘could be on the brink of extinction without anyone noticing’A former adviser to George Osborne has said the chancellor is likely to mount a £4bn raid on pension savings by scrapping tax-free allowances on lump sums in a bid to save more cash for the Treasury.Steve Webb, himself a former pensions minister, says hundreds of thousands of people would suffer from Osborne’s “tax bombshell” that some fear could come as soon as the