He accurately notes this:
When you come to retire, your pension schemes requires you to buy an annuity, a way of paying you back over your expected life. That\’s the money you paid in, plus interest. You get get taxed on those payments. The reason you get taxed is that you didn\’t pay at the time you earned it. It\’s deferred tax.
Quite, it\’s deferred tax. He then entirely ignores that deferral: ignores that if people save less for pensions now they there will be less to tax in pension income in the future.
This may or may not be an important number: but you\’d hope to God that someone would mention it in something called \”Reality Check\”!