Pensions reform a tax giveaway for rich - papers 20th Sept

THE TREASURY was under pressure last night from critics of its pension reforms after figures showed they are likely to prove a huge tax giveaway for the rich, reports the Guardian. Insurer Standard Life revealed wealthy savers had invested more than £1bn of tax-free cash in its new-style personal pension plans over the last nine months as they prepared for reforms designed to simplify pension saving. Many industry experts believe as much as £12bn could be used by high earners from next April to boost their personal pensions, at a cost to the taxpayer of £4bn in lost income tax revenues...