Rachel Reeves urged to come clean on Labour’s pension tax plan amid fears the party could raid nine million workers’ retirement savings

The labour party There have been calls for his pension tax plans to be made public amid fears it could plunder the pension savings of up to nine million workers.

The party has not publicly ruled out reducing tax benefits for people with higher incomes, even though it has faced increasing speculation in recent days.

Analysis shows that millions of people would have to work four years longer to build up their pension pot at the same level if tax relief were reduced.

Shadow Chancellor Rachel ReevesThe bank’s spokesperson told the Financial Times last week that it had “no plans” for cuts. However, she has suggested the step a number of times, including in 2018.

Shadow Chancellor Rachel Reeves will hold a Q&A with RBS staff on June 4

The party has not publicly ruled out reducing the tax credit for people with higher incomes, even as it has faced increasing speculation in recent days (stock photo)

Investment platform AJ Bell calculates that a saver with a higher interest rate who puts aside €500 per month could generate a pot worth €389,927 after 20 years (stock photo)

Employees who pay into pension savings currently receive tax relief on them – 20 percent for taxpayers based on the basic rate and a further 20 percent if they pay tax at the higher rate of 40 percent.

But there are fears Labor could limit help for those in the 40 per cent group.

Investment platform AJ Bell calculates that a higher-interest saver putting aside £500 a month could generate a pot worth £389,927 after 20 years.

But if that relief were reduced to 20 per cent, the amount would be £292,445 – a difference of almost £100,000, which would require another four years of contributions.