Labour has tabled an amendment to the Finance Bill that would force the Treasury to publish the analysis undertaken before Chancellor George Osborne announced a radical shake-up of pensions tax rules.
Osborne stunned the industry during his Budget speech when he announced plans drastically liberalise pensions income rules.
The reforms, which come into effect from April next year, will mean anyone aged 55 or over will be able to take their entire pension pot as cash without being hit with a 55 per cent tax penalty. Instead, savers who do this will be taxed at their marginal rate.
Labour has proposed an amendment to the Finance Bill that would require the Government to publish any analysis on the impacts of the pension reforms prepared by the Treasury prior to the Budget.
The information Labour wants the Government to publish includes:
- any assessment of the impact of the pledge to offer everyone free, impartial, face-to-face retirement guidance;
- the distributional impact of the changes;
- any behavioural analysis undertaken; and
- the financial risk assessment.