Pensions expert calls for Treasury to reverse pensions policy

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Financial Services > Pensions > News

Pensions expert calls for Treasury to reverse pensions policy

Wed, 04 Apr 2007

A pensions expert has warned the Treasury to review its decision to increase the levies on a certain type of pension.

Hyman Wolanski, head of pensions at financing specialists Alliance Trust, has demanded that chancellor Gordon Brown revoke his decision to impose an 82 per cent death tax on all remaining alternatively-secured pension funds.

Explaining his stance, Mr Wolanski pointed out that the move will convince many pension holders to favour annuities over alternatively-secured pensions, which could be "against many retiree's best interests".

"We need, as a minimum, to acknowledge the extreme risk of channelling increasing amounts of pension money into annuities," he added.

Mr Wolanski concluded that, because more companies are closing final-salary pension schemes to new members, the number of people using annuities is likely to increase over the coming years.

Recently, Mr Brown has come in for criticism from parts of the media for a pensions decision made shortly after the Labour party came to power in 1997.

The argument centres around the chancellor's decision to remove tax breaks for pensions - something that critics claim accelerated the closure of company pensions.

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