Bristol workers on average earnings would have to work for four centuries before they would benefit from a £1 billion tax cut from government, it has been revealed.
In the Spring Budget, the Chancellor abolished the tax-free limit on pensions savings for those with more than £1 million in their pension pot.
This will cost the taxpayer £1 billion but will only benefit the 1% with the biggest pension pots.
The average Bristol worker approaching retirement age typically has around £107,000 in their pension funds, according to official figures. This means they would have to keep working and adding to their pension for 10 times longer – or roughly 400 years – to see a tax saving.
Commenting on the findings, Metro Mayor Dan Norris said: “The Chancellor’s 1 billion-pound pensions giveaway for the 1% won’t help Bristol workers during a cost-of-living crisis – it will only widen the chasm between the very wealthy and everyone else. Bristolians starting out their career today would need to work until the year 2423 before they’d see a single penny! At a time when families across the city face ever rising bills, frozen wages and are left fearing for the future, this giveaway is the wrong priority from a government who are letting families down in Bristol, and across the West of England.”
Bristol workers need to work 400 YEARS to benefit from Tory £1 billion pension tax plan
