§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
Whether their proposed £1.4 million limit on the capital value of each individuals' pension rights will apply equally to people in the public and private sectors; and, if not, why not.[HL3009]
§ Lord McIntosh of Haringey:On 17 December 2002 the Government issued a consultation paper, Simplifying the taxation of pensions: increasing choice and flexibility, which puts forward a proposed framework of benefit rules that would apply to all tax approved pension schemes.
133WAThe proposed £1.4 million lifetime limit would not limit the size of the pension someone could receive, only the amount that attracts preferential tax treatment. The Government are currently considering responses to the consultation paper.