Tory pledge to reverse DB tax raid

Speaking at the party conference in Manchester treasury spokesman George Osborne said Brown's "disastrous tax raid on pensions heralded the start of the age of irresponsibility". He said: "We will reverse the effects of Gordon Brown's pensions tax raid and get our country saving again." The tax changes abolished the right for occupational schemes to reclaim tax paid on income from share dividends. It is estimated the change cost schemes £5bn a year. Watson Wyatt head of defined benefit pension consulting John Ball said reversing the effects of the changes may not mean reversing the...