Labour’s planned raid on company shares would hit pensions and force people to work longer, Tories claim
- Those who pay into pension schemes are set to lose average of about £11,167
- This could force them to delay their retirement by almost three-and-a-half years
- The Tories based this on the effect of two of Labour’s financial policies
Work and Pensions Secretary Therese Coffey said: ‘This is just one of the ways a Corbyn government would hammer hard-working people.’
Labour’s plans to raid company shares will hit people’s pensions and force them to work longer, the Conservatives claimed last night.
The Tories said the 10.4million who pay into pension schemes are set to lose an average of around £11,167 from their pension pots because the value of their investments would fall.
This would force them to delay their retirement by almost three-and-a-half years if they want to enjoy the same quality of retirement.
The Tories based their claim on the effect of two Labour policies: a financial transactions tax on shares, foreign exchange and commodities; and plans to force firms with more than 250 employees to place 10 per cent of their shares in an ‘inclusive ownership fund’.
Most of the dividends would go to the Government, with some going to workers.
The Tories said the 10.4million who pay into pension schemes are set to lose an average of around £11,167 from their pension pots because the value of their investments would fall. Pictured: Prime Minister Boris Johnson today
They said this would cause companies’ shares to fall by at least 15 per cent, hitting the size of pension funds invested in these firms.
Work and Pensions Secretary Therese Coffey said: ‘This is just one of the ways a Corbyn government would hammer hard-working people.’
Labour angrily dismissed the calculations as ‘fake news’, and said the Tory report contained a number of ‘utterly false statements’.