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Sir Keir Starmer says he would scrap his own pension tax scheme Sir Keir Starmer says he would scrap his own pension tax perk
(about 5 hours later)
Sir Keir Starmer has said he would scrap tax free pension schemes for high earners if he wins power - including his own. Sir Keir Starmer has said he will include himself in plans to scrap a pensions tax break for high earners if he wins power.
The Labour leader has pledged to reverse government plans to end the £1m cap on lifetime pensions savings.The Labour leader has pledged to reverse government plans to end the £1m cap on lifetime pensions savings.
He was accused of hypocrisy by the Conservatives when it emerged he was set to benefit from a similar tax free pension scheme himself. He was accused of hypocrisy by the Conservatives when it emerged he was set to benefit from a similar scheme himself.
He said he had not taken advantage of the scheme and did not want to. He said he had not taken advantage of the perk and did not want to.
He told a press conference: "I'm absolutely committed to changing what the government did last week, which was to give a tax cut to the wealthiest 1%."He told a press conference: "I'm absolutely committed to changing what the government did last week, which was to give a tax cut to the wealthiest 1%."
He added: "I don't intend that to exclude me."He added: "I don't intend that to exclude me."
As first reported by The Telegraph, Sir Keir was granted a special "tax unregistered" pension scheme when he stood down as down as Director of Public Prosecutions (DPP) in 2013.As first reported by The Telegraph, Sir Keir was granted a special "tax unregistered" pension scheme when he stood down as down as Director of Public Prosecutions (DPP) in 2013.
Starmer criticised over tax free pension schemeStarmer criticised over tax free pension scheme
Pensions tax cut for all is wrong, Labour saysPensions tax cut for all is wrong, Labour says
How are pension rules changing?How are pension rules changing?
Sir Keir said it was "a government pension scheme put in place for DPPs", which was why it needed an act of parliament to bring it into effect.Sir Keir said it was "a government pension scheme put in place for DPPs", which was why it needed an act of parliament to bring it into effect.
The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 means the lifetime allowance does not apply to Sir Keir's contributions from his time as DPP between 2008 and 2013.The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 means the lifetime allowance does not apply to Sir Keir's contributions from his time as DPP between 2008 and 2013.
The legislation means Sir Keir would be exempt from paying tax on pensions savings over £1m. The legislation means Sir Keir would be exempt from paying additional tax on pensions savings over £1m.
Sir Keir said he had not taken advantage of the tax break, adding: "Nor do I want to."Sir Keir said he had not taken advantage of the tax break, adding: "Nor do I want to."
Under plans announced last week by Chancellor Jeremy Hunt, the £1.07m limit on how much individuals can put into their pension pot before having to pay extra tax will be scrapped.Under plans announced last week by Chancellor Jeremy Hunt, the £1.07m limit on how much individuals can put into their pension pot before having to pay extra tax will be scrapped.
The annual tax-free allowance on pensions will also increase from £40,000 to £60,000.The annual tax-free allowance on pensions will also increase from £40,000 to £60,000.
Labour voted against the changes, prompting accusations of hypocrisy from Conservative MPs, including former work and pensions secretary Sir Iain Duncan Smith.Labour voted against the changes, prompting accusations of hypocrisy from Conservative MPs, including former work and pensions secretary Sir Iain Duncan Smith.
Labour says the tax break should only be available to NHS doctors, to encourage them to keep working and not take early retirement.Labour says the tax break should only be available to NHS doctors, to encourage them to keep working and not take early retirement.
Hitting back at accusations of hypocrisy, Sir Keir said: "When we reverse that change the government put in place last week I will be included within that.Hitting back at accusations of hypocrisy, Sir Keir said: "When we reverse that change the government put in place last week I will be included within that.
"Whatever changes is needed within legislation or anything else, I am very happy want to be and will be in the same position as everybody else in this country.""Whatever changes is needed within legislation or anything else, I am very happy want to be and will be in the same position as everybody else in this country."
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