UK budget pensions tax raid to raise over 3 billion pounds, FT reports

(Reuters) -British finance minister Rachel Reeves' budget tax raid on salary sacrifice schemes is set to raise 3 billion pounds to 4 billion pounds ($3.93 billion to $5.24 billion), hitting businesses and encouraging employers to cut pension payments to staff, the Financial Times reported on Friday.

Reeves is expected to need to raise tens of billions of pounds to stay on track to meet her fiscal targets in the November 26 annual budget.

($1 = 0.7632 pounds)

(Reporting by Mrinmay Dey in Bengaluru; Editing by Chris Reese)