The Treasury is to review George Osborne’s controversial tax rules on pensions amid concerns they are stifling the delivery of public services and pushing up NHS waiting times.
Higher earners are restricted from putting more than £10,000 annually into pensions without facing punitive taxes. The rules have been blamed for consultants and GPs turning down work, undermining patient treatment.
It was also suggested the rules have led to entrepreneurs losing faith in corporate pension schemes, reducing the attractiveness of plans to employees.
We’ve had much over the years about how tax relief for pensions is a very bad thing. How it should be restricted. About how it’s all a waste. And why give all that relief to the already well off anyway?
So, restrict it.
Funny that we’ve not – I’ve not looked today as yet – had a rethink as reality intrudes upon such plans. You know, maybe an “Ooops!” or something?