Jeremy Hunt guarantees Tories WON’T raid pensions as he warns that Labour would impose ‘back-door taxes’ on retirement funds
Jeremy Hunt has promised that the Tories will not plunder pensions, as he warned Work would impose “backdoor taxes.”
The Chancellor delivered this message when he unveiled a ‘Pensions Tax Guarantee’, promising not to impose any new levies on pension funds in the next Parliament, or increases to current ones.
He also promised that the 25 percent tax-free lump sum will be maintained, that the tax credit on premiums will be maintained and that national insurance will not be extended to employer contributions.
In contrast, Hunt claimed that Labor would ‘do what they always do and sell out pensioners to fill their tax black hole’. The Tories accused Keir Starmer‘s party is making plans to repeat Gordon Brown’s 1997 raid on pension funds, when he abolished the dividend tax credit.
Conservatives have done their best to woo the older generation, announcing a strengthened ‘Triple Lock’ on the state pension last week. This means that the personal allowance for pensioners will rise at the same pace as state benefits – and will therefore never be subject to tax.
Jeremy Hunt has promised the Tories will not plunder pensions as he warned Labor would impose ‘backdoor taxes’
Mr Hunt claimed Labor (pictured, shadow chancellors Rachel Reeves and Keir Starmer) would ‘do what they always do and sell out pensioners to fill their tax black hole’
“Conservatives have always looked after people’s pensions and our tax guarantee for pensions will mean there will be no tax rises or new taxes on company pensions for the whole of the next parliament,” Mr Hunt said.
“Not only have Labor already said they will introduce an old age tax on the state pension and bring back the lifetime benefit, but they will do what they always do and sell out pension holders to fill their fiscal black hole.”
In an interview with the Sunday Telegraph, Mr Hunt said: ‘We are concerned that, just as Labor did in the past when they had a black hole in their finances, they will go for backdoor taxes on pensions.
‘We want to send a message to pensioners that there is only one party you can trust. Pensioners know which party introduced the triple lock.
‘They know which parties have increased the state pension by £3,700.
They know which party has lifted almost a quarter of a million pensioners out of poverty.
‘And they know which party has abolished the lifelong benefit on pension pots. So they know the Conservative Party will always have their backs.”
The Tories accused Keir Starmer’s party of plotting to repeat Gordon Brown’s 1997 raid on pension funds when he abolished the dividend tax credit.
Rishi Sunak (pictured in the North East yesterday) tries to close the gap in Labour’s polls
