Royal London chief renews attack on plan to tax pensions like ISAs

Phil Loney said the move risks undermining public confidence in long-term saving and "derailing" the government's achievements to date in the retirement sector. "Nobody should be asked to save for 30+ years without absolute certainty that savings made from their income will not be taxed twice," the group CEO said. Currently, tax relief on pension contributions is provided upfront as an incentive to keep money locked away until retirement, when contributions are subject to tax. But Chancellor George Osborne has suggested reversing the system so that pension contributions are made fr...