He said in the Commons the reports were no more than ‘fevered speculation’ and MPs would have to wait for the government’s proposed green paper setting out options for change.
Smith insisted questions of taxation were a matter for budgets, but replied to taunting Tories: ‘We do not have any such plans’.
He said ministers were receiving ‘all sorts’ of representations as part of preparation work, but had taken no decisions of the sort suggested.
He ruled out scrapping the perk in reply to a series of questions from Tory Shadow Work and Pensions secretary David Willetts.
Earlier Treasury officials issued a statement stating there were no plans – despite reports that a senior official had told the pensions industry existing perks were unsustainable.
But, while using words, which completely rule out the existence of such plans, Smith was careful not to rule them out for the future.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states