PBR amounts to £2.3bn pension raid - Skandia

Pension savers are among the biggest losers from Alistair Darling's reforms, Skandia claims, and are losing tax breaks in three key areas. The firm estimates changes in tax treatment for pensions will earn the Government an extra £400m a year by 2011/12, and savers will continue to suffer until at least 2016. Freezing lifetime and annual allowances until 2015/16 will have a detrimental effect on many investors with larger pension pots. Skandia says a worker who plans to retire 25 years after A-Day will now face the onerous 55% tax charge if their fund was more than £490,000 on A-Day, ...