内容摘要：Western sanctions failed to cripple Russia’s economy. It has found new markets for its oil and gas.

Western sanctions failed to cripple Russia’s economy. It has found new markets for its oil and gas.

From the age of 55 (or 57 from 2028), anyone with pension savings can take a quarter of their money as a tax-free lump sum up to a maximum of £268,275.Some use that money to pay off their own mortgage, if they have one. Others use it to help children and grandchildren buy a first home.

The chancellor is said to be considering lowering the cap.By reducing the tax-free limit, people will eventually pay more in income tax when they take their pension. However, there are questions over how much extra money that would raise for the government and when.Making arrangements for those who have already exceeded the limit, or were planning to, could also be complex, and reduce how much extra tax the Treasury gets.

The build-up to every Budget usually sees speculation about changingWhen you pay into a pension, some of the money that would have gone to the government in tax goes into your retirement savings instead, known as pension tax relief.

You don't pay tax when putting money into a pension but you do when you come to take that money as income.

Under the current system, you receive pension tax relief at the same rate as your income tax bracket - meaning basic rate taxpayers receive relief at 20%.Labour also gained Broxtowe from the Conservatives, as Juliet Campbell claimed 15,579 votes (47.4%).

Conservative Darren Henry, husband of the former Nottinghamshire police and crime commissioner Caroline Henry, has lost his seat after receiving 11,158 votes (23.3%).Lilian Greenwood has retained her seat in Nottingham South, with 15,579 votes (47.4%).

"We've waited 14 years for this, so you'll have to excuse me if I can't stop smiling," she said.Tory candidate Zarmeena Quraishi finished second, with 5,285 votes (16.1%).