Budget 2014: Voters Back George Osborne's 'Pensions Revolution'

Chancellor George Osborne has been boosted after a majority of UK voters said they back his "pensions revolution".

According to a poll from researcher YouGov, which questioned 1,904 respondents and was commissioned by The Sun, more than six in ten people (66%) said they support the government's radical retirement reforms.

The study also found that three quarters (75%) of respondents said they support the chancellor's proposal to reduce tax on savings by ending the 10p tax on savings income up to £5,000 and increasing the amount of money people can save tax-free in an ISA to £15,000.

But the voters were more split on whether they thought Osborne's budget was fair, as just 47% said it was and 26% of respondents stated it was unfair.

The results come after Osborne unveiled a range of radical pension reforms that will change the way workers retire in the UK.

The Conservative MP said that anyone over the age of 55 will be able to take their whole pension pot as cash from April 2015.

Osborne also announced that workers will no longer have to take a compulsory annuity purchase in order to avoid a huge tax bill.

The chancellor explained that the lump sum, otherwise known as the trivial commutation limit, will jump from £18,000 to £30,000 on 27 March.

In addition, Osborne said that the limit on personal pension pots worth £2,000 will be increased to £10,000.