LETTER: Change in tax rules has cost millions

Noel Beresford is correct in his comment in last week's paper about the '˜holiday' given to employers in their contribution to their pension funds.

I wrote to the employees representative in the funds trust to ask whether employees could have a holiday too but was told ‘no’ as the employer would have to make up any shortfall if that occurred. Chickens have come home to roost.

However a far worse fate befell the funds when Gordon Brown raided them in the 1990s by changing the tax paid by the funds on their investments. This has cost the funds many millions of pounds since then in lost income and started the inevitable end of final salary schemes.

Norman Groocock

Baslow Road, Bakewell

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