Govt must address 'glaring inequality' in defined benefit tax treatment - Fidelity

Fidelity's retirement director made the comments as George Osborne confirmed the lifetime allowance for pension saving would be cut from £1.25m to £1m. The government said it would only affect the wealthiest of pensioners but Higham dismissed the claims, saying many civil servants, teachers and doctors could be caught. He said: "It is very easy to dismiss this as capping excessive tax relief given to very wealthy people. "However, if you retired today at age 65 and wanted to buy an inflation-linked pension that continues to pay 50% to your spouse after your death - as is common in ...