Birch scaremongering wrong - Cullen
"No-one will pay more tax on
their private pension under Labour," Labour finance
spokesperson Michael Cullen said today.
Dr Cullen was
responding to National's latest scare campaign - an
allegation by Bill Birch that pensioners would have to pay
tax on their pensions under Labour. The claim is based on
an interview Dr Cullen gave the Independent.
"I made it
clear to the Independent reporter, and it is clear in the
article, that if Labour moved from the present TTE scheme to
a TET scheme, the two schemes would be run in
"This would mean that anyone under the current
TTE arrangement would continue to receive their pension tax
exempt," Dr Cullen said.
"Any alternative would involve
not taxing capital gains in the funds but taxing the
pay-out. This would not affect TTE schemes for those who
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