Pensions reform features heavily in this morning's papers with the government's tax plans coming under fire and pensions fund trustees being warned they could face legal action fior failing to take their share from US securities class actions.
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...
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