Liberal Democrats have accused the Chancellor, Gordon Brown, of "grossly misleading" high earners wh...
Liberal Democrats have accused the Chancellor, Gordon Brown, of "grossly misleading" high earners when he suggested only a minority of people will be caught by the 60% tax to be imposed on pensions worth more than the new £1.4m level, according to the FT.
Lord Oakeshott, the LibDems pensions spokesman, say the plan to alter tax under the new pensions proposals would in fact hit most of the 90,000 people who earn over £200,000 a year.
Similar information suggests members of final salary schemes retiring on a salary of £100,000 - £200,000 will also be affected.
So moving the Budget back to April 9th may at least give Brown a little more time to try and sweeten any pension tax changes.
Another change to final salary schemes - revealed two weeks ago by the Occupational Pensions Regulatory Authority - is now hitting the headlines, as the FT reports final salary scheme members will now be hit with the equivalent of an MVR if they try to leave a pension scheme which is underfunded or might threaten the benefits of other members.
Mick McAteer, policy adviser at the Consumers' Association, says the policy change - which is only designed to be temporary - is a "trap".
That said, the Times reports ministers and civil servants will escape the rule, which is likely to go down well with the general public.
Friends Provident's share price took a knock yesterday after reporting its with-profits fund and bonus payments was not as healthy as people might have liked, continues the Times.
The life assurer has tried to play down worries about the £350m deficit in the with-profits funds by stating the deficit was covered by capital set aside in a separate shareholders' fund created at flotation.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till