Gemma Tetlow
Gemma Tetlow
Programme Director
Education:

MSc Economics, University of Warwick, 2004
BSc Economics, University of Warwick, 2003

Gemma is programme director of the IFS' work on pensions, saving and public finances. Her research interests include pensions, savings, asset holding and health and their interactions with later life working. Her work also includes analysis of the UK's public finances and public spending.

Labour’s proposed pensions takeaway

| Observations

Ed Miliband and Ed Balls today announced that a Labour Government would significantly reduce the generosity of the income tax treatment of private pensions. Those with incomes above £150,000 a year would only be able to receive income tax relief at a rate of 20% (rather than the 50% marginal rate of income tax they would face under Labour), the annual pension contribution limit would be reduced by a quarter from £40,000 to £30,000 and the lifetime limit would be cut by one-fifth from £1.25m to £1m. This observation explains that, while there is a case for making some elements of tax-relief on pensions saving less generous, these reforms would be a step in the wrong direction.

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