Brewin Dolphin attacks PBR on pensions
by Richard Kilner
Story link: Brewin Dolphin attacks PBR on pensions
Today’s Pre-Budget Report (PBR) has come under attack from Brewin Dolphin, which has criticised Chancellor Darling’s decision to reduce the qualifying earnings for higher rate tax relief to £130,000.
The firm lambasted the Government, stating that such action did nothing to reassure savers and was the work of inept policy-makers leaving people facing uncertainty.
Brewin Dolphin has said that 13 million Britons are not saving sufficiently for retirement, a state of affairs the Government’s actions in the PBR will do little to rectify.
The firm also attacked the end of pension tax credit, which earns the Government £5bn per annum, but has helped create a pensions black hole.
Chancellor Darling also used the PBR to announce a 50% one-off tax on discretionary bank bonuses exceeding £25,000, making an estimated £550m for the Treasury.