News story

25th September 2002

Abolishing Pension Tax Free Lump Sum Would Be Certifiably Stupid

Steve Webb MP, Shadow Work and Pensions Secretary, commenting on reports that the law allowing people to take part of their pension in a tax-free lump sum is under review, said:

"It would be certifiably stupid to abolish the tax free lump sum.

"Public confidence is at an all time low. Measures to encourage people to invest in pensions are needed. Taking away one of the most attractive features of private pensions is sheer madness."

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