Member

As well as the technical consultation on the changes, there has been extensive and regular engagement with stakeholders, both from the pensions industry, and legal and tax representatives. I note the praise for HMRC officials from witnesses at the Economic Affairs Finance Bill Sub-Committee in the other place in respect of how they have engaged on these issues over the course of the last year. The policy problem with the inheritance tax treatment of pensions is well understood and we need to ensure that pensions continue to be used, as I said, for their core purpose, which is funding retirement, and that tax reliefs are directed to that effect. As I have set out, pensions will continue to enjoy significant tax benefits. For those reasons, new clause 23 should be rejected.