Tax campaigner Richard Murphy has turned his sights on the private pensions industry to highlight how tax subsidies are draining resources from the public purse.
The UK pensions industry is failing to supply decent pensions for all and, contrary to popular belief, it’s not all down to state pensions, according to a new report entitled ‘Making Pensions Work’ authored by Finance for the Future (a partnership between Murphy and environmentalist Colin Hines).
Government subsidies paid to the private pensions industry are bigger than the pensions they pay, meaning that taxpayers are in effect funding private pensions, says the report.
About Gina Dyer
I've been a journalist for four years, writing on a wide variety of topics from business and finance to travel, culture and celebrities. I began my career as an editorial assistant for Palladian Publications, a B2B publisher specialising in technical magazines for professionals in primary industries. I later moved into consumer magazines as a staff writer for French Magazine, a monthly travel publication aimed at Francophiles, and was part of the launch team for The Traveller in France, a quarterly magazine produced for the French tourist board. I was also a regular contributor to online travel portal Homesworldwide.co.uk, and later worked with customer publishers Future Plus as a freelance production editor, before joining Sift Media in January 2009. I am currently Deputy Editor of AccountingWEB.co.uk.