Reform is also required because it is inappropriate to provide higher rates of tax relief on savings to the already wealthy than that provided to those less well-off. Ding so is clearly economically and ethically unjustifiable.
£14.5 billion could be raised by this reform, which is more than many suggest could be raised by a wealth tax each year.
Now run your numbers again with pensions paid being subject only to a maximum 20% income tax rate.
Because it would be notably unfair to tax folk 25% on money going into the pension and then 45% on it coming out again, wouldn’t it?