Arguments for pension tax make no sense

I AM disappointed at the very poor quality of the arguments used by the Cabinet in favour of the tax on private sector pension funds.

Arguing that the pensions industry suggested it first forgets that they did so as an alternative to cutting the tax relief on contributions to 20%. Now not only do we have the pension tax, but the tax relief is still going to be cut to 20%.

Arguing that the pensions industry charges too much and can easily absorb the tax asks why not tax their fees instead so that ordinary middle class voters aren’t hit. Arguing that it is to fund the jobs initiative forgets that the Programme for Government makes no mention of this tax at all, never mind using it for the jobs initiative.