Stuart Trow, Columnist

Labour Errs Badly by Discouraging Pension Savings

Why save for retirement when you’re headed for just another tax hit?

December 9, 2024 at 5:00 AM UTC

Stuart Trow is co-host of “Money, Money, Money” on Switch Radio and author of “The Bluffer’s Guide to Economics.” Previously, he was a strategist at the European Bank for Reconstruction and Development.

Why is Rachel Reeves smiling?
Photographer: Ian Forsyth/Getty Images Europe

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Labour’s recent budget profoundly altered the UK’s pension landscape, but the full significance of its impact has yet to be recognized.

Before Chancellor of the Exchequer Rachel Reeves cracked down, the government was effectively providing generous tax breaks (of up to 45%) to enable the wealthy to salt away millions into their pensions, which could then be passed onto their heirs entirely free of inheritance tax (IHT).