George Osborne to cut 55% pension 'death tax'

George Osborne has described changes to the pensions system as a change for "everyone", not just Conservative supporters.

The chancellor will abolish a 55% tax that currently applies to untouched "defined contribution" pension pots left by those aged 75 or over, and to pensions from which money has already been withdrawn.

Speaking to BBC Breakfast, Mr Osborne described the move as "a big boost for savings and aspiration".