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Chancellor moved goalposts, says Tories

Shadow secretary of state for work and pensions David Willetts says he is not surprised that Chancellor Gordon Brown&#39s estimate of the number of people affected by the lifetime allowance received scant support.
He says: “By using the 20:1 factor for valuing benefits against the lifetime allowance instead of a more variable figure, he was always going to be able to reduce the number of people affected.
“However, there is a much more important point in all this. The challenge is not to limit the amount people can put into their pension schemes but to encourage people to put more money in.
“That is why we are proposing to scrap the £1.4m limit on the strict condition that the same benefits in a pension scheme are available to the lowest paid as to the highest paid. Fat cats are ok, just as long as there are fat kittens.”

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