The Labour Party’s planned tax raid on pensions has been scrapped which experts are claiming is a policy “all political parties should support”. Shadow Chancellor Rachel Reeves has dropped the party’s promise to reintroduce the lifetime allowance on pension savings. This allowance imposed a limit on the amount people are able to save into their pots without paying tax. Prior to April 6, 2023, Britonsfaced a tax charge of 55 per cent for taking lump sums out of their pot if they exceeded the allowance. According to Labour, any potential revenue generated by the policy had not been included in t…
