Providers say they are not surprised by the outcome of the National Audit Office's review of the Government's £1.4m lifetime contribution limit cap published today.
Norwich Union says it expected the NAO to largely agree with the Revenue's estimates of who would be affected immediately and in the future by the implementation of pensions simplification including the lifetime cap.
NU Life strategic development director Stephen Mann says: “We're not at all surprised that this is the outcome. If Gordon Brown wanted to stake his reputation on something it wouldn't be this.
“The issue of who is going to be affected in the future was always going to be more speculative, all the NAO has said is there isn't enough evidence to prove that the Revenue is wrong.”