Yes, of course, new speshul rules would be an outrage.
Sue Gray, the senior civil servant who now works as an adviser to Sir Keir, had a pension worth £1.9m as of March 31 last year, according to government accounts.
Meanwhile, Nick Joicey, a senior civil servant and husband of the shadow chancellor Rachel Reeves, had a pension approaching the old limit, worth £967,000, as of March 31 2022.
However, something different. You know how Spud says that pensions tax relief is in fact a tax subsidy, a break?
Under the old rules, any savings over the limit were taxed at 55pc if the money was taken as a lump sum, or 25pc plus the individual’s income tax rate if taken out gradually.
Richer people actually end up paying more tax by having a large pension. Over time they do at lesat. So that’s even more proof that pensions relief isn’t, in fact, a cdost at all. It’s a deferral – leading to higher, over time, tax revenues.
Which rather blows a hole in Spud’s complaint really.