In the Coalition Government’s emergency Budget on 23 June 2010, the Chancellor, George Osborne, announced a review of the former Labour administration’s plans to restrict tax relief on pension savings for high earners. Having already initiated an informal consultation, on 27 July 2010, HM Treasury and HM Revenue & Customs jointly published a discussion document on a possible alternative approach which would see the annual allowance reduced from its current level of £255,000 to an amount in the region of £30,000 - £45,000. The consultation closed on 27 August 2010.