Minister repeats call for pension tax overhaul

Speaking at a conference in London, the pensions minister reiterated his desire to get rid of the £1.25m limit on pension saving that qualifies for tax relief, the Daily Mail reports. Any savings above that figure are currently subject to a tax charge, but Mr Webb is not a fan of the rule, arguing that is punishes people for wanting to save into a pension. He thinks that introducing a 30% tax relief rate for pension contributions - replacing the current system of tax relief at the income tax rates of 20, 40 and 45% - would eliminate the need for a lifetime allowance by reducing the co...