Mr Hunt will also increase the pensions annual tax-free allowance, from £40,000 to £60,000, under measures designed to increase the workforce by removing disincentives to being employed for longer.
The policies will cost the Treasury more than £1.1bn a year by 2027-28, with the aim of stopping an estimated 15,000 high earners - including senior NHS doctors - leaving the workforce.
But experts said that millions of savers will feel no impact from the changes, with Institute for Fiscal Studies Director Paul Johnson saying they would"encourage a relatively small number of better-off workers to stay in the workforce a bit longer". Meanwhile, the Resolution Foundation warned the policies may actually cause some workers to retire early or use"their now uncapped pensions saving to avoid inheritance tax".
Chief executive Torsten Bell said the measures are"hugely regressive and wasteful", adding:"It's a big victory for NHS consultants but poor value for money for Britain." Sir Keir Starmer, the Labour leader, also hit out at the plan, saying:"The only permanent tax cut in the budget is for the richest 1%. How can that happen?"Mhari Aurora explains all you need to know about the budgetThe pensions tax break was one of the headline announcements from Mr Hunt's budget, alongside a pledge to introduce free childcare for children under three.
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