Autumn Statement: companies plan to ditch pension schemes after latest tax grab The Daily Telegraph has launched the Hands off our Pensions campaign which calls on ministers to give private sector workers assurances over future rules. The Chancellor reformed the contribution rules in 2010 and then indicated that the new rules would be in place for many years. Under pressure from the Liberal Democrats, he has reopened the issue to raise more money from those deemed rich. PricewaterhouseCoopers, one of the country's biggest firms of accountants and financial consultants, said last night it was already reviewing the pension arrangements of many companies. Raj Mody, the head of pensions consulting at PwC, said: "The proposed changes to the pension tax thresholds mean that for many employers a much larger number of employees will now be affected. Combined with the volume of other pension regulatory changes they have to deal with, these latest announcements become another catalyst to review whether to close Defined Benefit schemes. Companies are experiencing fatigue with constant pensions changes and so there's a desire to close down their future exposure once and for all. Organisations representing businesses are also understood to be preparing to warn the Treasury about the wider dangers of the pension tax raid. The Institute of Directors believes that the "latest in a long line of tax grabs" means that "public confidence in pensions has been all but wiped out." The Confederation of British Industry will also warn today that proposed European Commission changes to pension rules would be a "disaster." A study for the business group by the consultants Oxford Economics claimed that extra costs could total £350 billion and 180,000 jobs could be lost as a result of the proposed accounting changes. Katja Hall, chief policy director at the confederation, said: "Imposing £350 billion more costs on business would be a disaster for the economy and for pension saving. Workplace pensions are vital to ensuring people have enough money for their retirement when life expectancy is rising - so future generations are not hit with huge bills or driven into poverty.