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Finance Bill

Let me make some progress. That will benefit 11 million pensioners across the country. Through clause 6, which we will debate next, the Budget will enable individuals to make more flexible use of their pension savings. Returning to clause 5, the Government have considered pension tax relief issues and believe that reform is a necessary part of their commitment to tackling the fiscal deficit. It is worth citing the views of Robert Chote, who heads up the Institute for Fiscal Studies, following the Budget. He spoke about this measure on 23 June:"““Perhaps the most welcome change was the decision to rethink the last Government's complex, unfair and inefficient plans to limit pension contributions relief for high earners.””" That was what he thought about it.