Timms defends Brown pension raid - papers 10th February

clock

PENSIONS MINISTER Stephen Timms yesterday confirmed there was no regret in the Government's decision to tax company pension schemes to the tune of £5bn a year, reports The Scotsman .

Speaking at the Confederation of British Industry (CBI) Scotland Pensions Seminar in Edinburgh, the Minister for Pensions Reform added that Chancellor Gordon Brown's move in 1997 to remove the £5bn tax credit was having less effect as schemes changed their investment mix. According to the paper, Timms refused to be drawn when asked if the Government's offer of £20m a year for 20 years into the Financial Assistance Scheme, set up in 2004 to compensate workers who have lost all or most of their pension entitlements, was a good response to the eight-year raid on pension arrangements. He ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Robert Peston confirmed as PA360 keynote speaker

Robert Peston confirmed as PA360 keynote speaker

Join Peston and PA in London in April

Professional Adviser
clock 26 January 2026 • 1 min read
Brooks Macdonald becomes BAFTA wealth management partner

Brooks Macdonald becomes BAFTA wealth management partner

Partnership starts in 2026

Jen Frost
clock 08 December 2025 • 1 min read
As Reeves scrabbles for Budget funds, is she missing a Covid furlough trick?

As Reeves scrabbles for Budget funds, is she missing a Covid furlough trick?

Creativity key as chancellor faces tough tax and spending choices

Jen Frost
clock 21 November 2025 • 8 min read