Pensions tax relief and George Osborne's 'ruthless' ambition

Brown's era was a 'golden age for well-heeled pension savers'

clock •

When it comes to pensions the current Chancellor has been just as merciless as his predecessor ever was, writes Sheriar Bradbury. But will George Osborne go all the way on tax relief?

Former Labour Chancellor (and ex PM) Gordon Brown is often demonised for his so-called tax raid on UK pensions of £10bn a year, but compared to the changes being wrought by the current resident of Number 11, he seems generous to a fault. Yes, Brown's abolition of tax relief on dividends will have cost UK pension savers a fair amount of money, but when it comes to high earners that seems like small beer when compared to the changes Osborne has already driven through, let alone what he may unleash in next spring's Budget. Looking back, the Brown era feels like something of a golden age ...

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 Pensions

The importance of defining the roles within a SSAS

The importance of defining the roles within a SSAS

'Poor role discipline can create compliance, tax and fiduciary risk'

Caitlin Southall
clock 08 October 2026 • 4 min read
AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell has called on chancellor John Healey to commit to a pension tax lock

clock 06 October 2026 • 2 min read
Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

'Real-world consequences of allowing pension tax speculation to run unchecked'

Rachel Vahey
clock 05 October 2026 • 3 min read