Chancellor to tweak pensions in budget?

Chancellor George Osborne chose budget day to join the twittersphere, using his maiden post to say: "Today I'll present a Budget that tackles the economy's problems head on helping those who want to work hard & get on." But what is this likely to mean for those of us that are hard working?

The chancellor has previously outlined that annual pension savings will be reduced £50,000 a year to £40,000 from next April and that, according to The Telegraph, the total amount you can save in a pension pot will be capped at £1.25 million, down from £1.5 million.

Something else that George Osborne has already announced is that the government will bring forward the single-tier pension of around £144 to 2016 to end the penalisation of mothers that take a work break to bring up children.

There will also be measures to simply the process private companies have to go through to repurchase shares from employees. But there could also be more along these lines. Look out for further details when the budget is released later today.