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Revealed: How Gordon Brown has cost you £100,000
The Chancellor's 1997 pension fund raid will have far greater consequences than previous calculations indicated, say specialists
It will reduce the value of the pension pot that typical employees could expect to save over their working lives by up to 13 per cent
By Andrew Murray-Watson
Published: 08 April 2007

Chancellor Gordon Brown's tax raid on pension funds is set to cost a typical worker in the UK over £100,000.

A joint investigation by The Independent on Sunday and BDO Stoy Hayward, the specialist accountancy and business advisory group, has revealed that Mr Brown's 1997 decision to tax dividends paid into pension funds will have far greater consequences than previously thought.

The £100,000 figure represents a reduction of up to 13 per cent in the value of the pension pot a typical employee who pays into a defined contribution scheme could expect to save over the course of their working life.

BDO Stoy Hayward used two examples in its investigation - a 25-year-old earning £20,000 in 1997 and a 35-year-old earning £50,000 in the same year. The accountants assumed that both would work uninterrupted until they retired aged 65, in 2037 and 2027 respectively.

September2007

See this link

http://news.independent.co.uk/business/news/article2432337.ece