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<p><strong>The impact will depend on how people choose to use their pension savings,
which is difficult to predict.</strong><strong> The Government expects any impact
to be small in the context of the other pension measures announced in this Parliament
– including State Pension age changes, the introduction of the single tier pension
and public service pension reform – which are projected to save around £17 billion
in 2030 in today's terms. The estimated net fiscal impact of pension changes announced
in this Parliament can be found in Chart 1.12 of the Red Book here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf</strong></p>
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