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Jeremy Hunt guarantees Tories WON’T raid pensions as he warns that Labour would impose ‘back-door taxes’ on retirement funds

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Jeremy Hunt has promised that the Tories will not raid pensions as he warned that Labour would impose ‘back-door taxes’.

The Chancellor delivered the message as he unveiled a ‘Pensions Tax Guarantee’, committing to no new levies on retirement funds – or increases to current ones – in the next Parliament.

He also vowed the 25 per cent tax-free lump sum will be maintained, tax relief will be kept on contributions, and national insurance will not be extended to employer contributions.

In contrast, Mr Hunt claimed Labour would ‘do what they always do and betray pension holders to fill their fiscal blackhole’. The Tories accused Keir Starmer‘s party of plotting to repeat Gordon Brown’s raid on retirement funds from 1997, when he abolished the dividend tax credit. 

Conservatives have been trying hard to woo the older generation, last week announcing a bolstered ‘Triple Lock’ on the state pension. That means the personal allowance will go up at the same rate for pensioners as the state payouts – and so will never be hit with tax.     

Jeremy Hunt has promised that the Tories will not raid pensions as he warned that Labour would impose 'back-door taxes'

Jeremy Hunt has promised that the Tories will not raid pensions as he warned that Labour would impose ‘back-door taxes’

Mr Hunt claimed Labour (pictured, shadow chancellor Rachel Reeves and Keir Starmer) would 'do what they always do and betray pension holders to fill their fiscal blackhole'

Mr Hunt claimed Labour (pictured, shadow chancellor Rachel Reeves and Keir Starmer) would ‘do what they always do and betray pension holders to fill their fiscal blackhole’

‘Conservatives have always looked after people’s pensions and our Pension’s Tax Guarantee will mean there will be no tax rises or new taxes on workplace pensions for the whole of the next Parliament,’ Mr Hunt said.

‘Not only have Labour already said they’ll introduce a Retirement Tax on the State Pension and bring back the lifetime allowance, but they’ll do what they always do and betray pension holders to fill their fiscal blackhole.’

In an interview with the Sunday Telegraph, Mr Hunt said: ‘We are worried that, just as Labour did in the past when they have a black hole in their finances, they will go for back-door taxes on pensions.

‘We want to send a message to pensioners that there is only one party you can trust. Pensioners know which party introduced the triple lock. 

‘They know which parties increased the state pension by £3,700. 

They know which party has lifted nearly a quarter of a million pensioners out of poverty. 

‘And they know which party has abolished the lifetime allowance on pension pots. So they know that the Conservative Party will always have their back.’

The Tories accused Keir Starmer 's party of plotting to repeat Gordon Brown's raid on retirement funds from 1997, when he abolished the dividend tax credit

The Tories accused Keir Starmer ‘s party of plotting to repeat Gordon Brown’s raid on retirement funds from 1997, when he abolished the dividend tax credit

Rishi Sunak (pictured in the North East yesterday) is trying to close the poll gap on Labour

Rishi Sunak (pictured in the North East yesterday) is trying to close the poll gap on Labour



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