The government should consider a complete overhaul of the tax reliefs it offers for pension savings because the current structure is expensive, too heavily directed towards the wealthy and does too little to encourage a culture of saving among younger workers, according to the Centre for Policy Studies. The CPS review concluded that during the past decade, pension relief on income tax and National Insurance contributions – but not counting relief on the withdrawal of a 25 per cent lump sum at retirement – has cost the Treasury £358.6bn. Financial Times The Times