Osborne losing revenue
Pensions tax-free lump sum under threat
Former pensions minister Steve Webb has added to recent speculation that Mr Osborne will move pensions into an ISA-style tax process.
He may also scrap the right for over-55s to claim a 25% tax-free lump sum.
Mr Webb, now director of policy at Royal London, said the Treasury is losing up to £$4 billion in revenue from the current system which means that a quarter of a pension never gets taxed.
An ISA is already tax-free. All of the money that goes in to a pensions Isa has already been taxed, so there is no equivalent of the tax-free lump sum.