PBR - Report highlights pensions 'complexity'

In the 2007 Budget, Gordon Brown revealed plans to increase the upper earnings limit to the level of the higher rate income tax threshold from 2009. However, the Pensions Act 2007 said the Government would fix the top of the earnings band on which it calculates the state second pension at the level of the 2012 upper earnings limit. The result would have provided a small increase in state second pension for those earning near the top of the earnings band. Jane Beverley, principal at Punter Southall, says: "It appears that one of Mr Darling’s first jobs has been to claw back this giveaway...