The demands, made while Parliament has been on a brief recess, follow the decisions by Ernst & Young and others to close their final salary schemes, blamed on the removal of the £5bn a year tax relief.
Former Labour Pensions minister Frank Field warned the loss of the right of pension funds to claim tax relief on dividends must be reversed in order to shore up company schemes, as others companies close schemes to new employees following the E&Y example.
The call comes after a survey released last week by KPMG showed that many employees faced the prospect of a ‘lean retirement’ if they continued to make low contributions to their defined contribution schemes, the replacement for final salary schemes.
According to KPMG, pension income under defined contribution schemes could be as much as one-third lower than under final salary schemes.
Does Darwin's theory apply to taxation? Colin ponders...
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
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements