TAX AND PENSIONERS

That this House believes that the taxation of workers' pensions continues to act as a deterrent to saving and disadvantages those workers who have invested in pensions throughout their working life, including members of the coal miners pension fund; further believes that as a fiscal stimulant and a reward for saving, pensioners should be exempt from taxation for the first £15,000 of income and that taxation levels for pensioners in excess of £50,000 a year should be significantly increased, with those receiving a pension of over £700,000 a year being taxed at 90 per cent., leaving a pensionable income of £70,000 which is more than enough for any pensioner.