It was notable that pre-Budget speculation was particularly rife this year, given the need for the Treasury to balance the books.

There was expectation of a restriction to higher rate tax relief on pension contributions, a further reduction in the annual allowance (which had already been reduced from £255,000 in 2010/11 to £50,000 in 2011/12) and the introduction of a tax on the pension commencement lump sum. Not only would this speculation turn out to be hype, but this year’s Budget was also notable by the absence of any other major changes to pensions legislation.