The uncertainty surrounding pension tax relief has led to a surge in contributions and cost the Treasury £1.5 billion, it has been claimed.

George Osborne has a “once in a lifetime opportunity” to create a tax environment to support decent living standards in retirement.

A swathe of savers could be leading a pensions exodus as they head instead towards ISAs if the Chancellor opts for a flat rate of tax relief, new research has suggested.

Proposed changes to the dividend tax credits system are set to come under the spotlight in the The House of Lords.