UK pension reforms will cost UK Treasury 75,000 pounds per person in tax breaks, analysis shows

In his budget speech on Wednesday Jeremy Hunt scrapped the lifetime allowance on pensions -- the total that workers can pile into their retirement pot without incurring tax -- and increased the tax-free annual limit on contributions by 50% to 60,000 pounds.

The shift is designed to reverse a trend in the number of older workers dropping out of jobs since the pandemic, which has contributed to a shortage of staff and is fanning inflation.