§ Mr. SymsTo ask the Chancellor of the Exchequer what assessment he has made of the effects of the abolition of advance corporation tax credits on dividend income for(a) pension funds and (b) the amount that employees need to save to ensure a comfortable retirement. [3579]
§ Ruth KellyThe abolition of payable tax credits on dividends was part of a package of reforms that included cuts in corporation tax rates and the abolition of advance corporation tax. These changes were designed to improve the climate for long-term investment in the UK. In the long run, this should benefit all investors—including pension funds and those saving for retirement.