White paper hides new stealth tax - papers 24th May

According to the paper, under the changes, people earning more than £18,000 a year will see a key element of their state pension provision - the State Second Pension - almost halved. But there will be no reduction in their National Insurance contributions to reflect the sharp reduction in their weekly pension when they retire - leaving them paying thousands of pounds a year to the taxman for a benefit they will no longer receive. The Conservatives last night accused ministers of trying to slip through another stealth tax on the middle classes, as the controversy centres on reform of t...