24 April 2009
Industry bodies have been claiming that small-print in the
Budget will sound the death knell for defined benefit pensions.
Those earning over £150,000 will have to pay tax on the benefit
gained from employer contributions, provided no changes are made to
the proposals after the planned consultation exercise.
Hargreaves Lansdown calculates that this will generate £3.1bn in
the first year it is introduced, which will be 2012/13.
