On Question Time, about 24.30 in, she says that private pension funds receive about £40bn a year in subsidy because of tax relief.
Well yes, because otherwise people pay income tax on their pension contributions, and then income tax on the annuity they receive. Which is being taxed twice, isn't fair, and doesn't encourage people to pay into a pension. The way it works is that people pay their pension contributions after tax, but the pension funds receive tax relief at 20% of their contribution.
It's unbelievable that she considers this a subsidy. That not taking money off people costs them. It's unbelievable nobody on the panel took issue with this.
