Pension timebomb – Brown defied advice
Helen Nugent
Gordon Brown defied repeated warnings from his own officials about the potentially devastating impact of his £5 billion-a-year raid on pension funds and went ahead with it regardless, The Times can reveal.
Pensions campaigners described the revelations — the result of a two year battle by The Times — as an absolute disgrace, and said that it showed the Chancellor “knowingly set about destroying” Britain’s pensions system.
Mr Brown announced the scrapping of tax relief on dividends paid into pension funds in his first Budget in July 1997, in the single biggest change to the pensions system in a generation.
Experts claim that the move has deprived the country’s savers of at least £100 billion over the past decade, during which Britain’s private and occupational pension system has struggled to stay afloat. The changes affected the 11 million people in Britain with company pensions and the 7 million with personal pensions. March 2007
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http://business.timesonline.co.uk/tol/business/money/pensions/article1593939.ece
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