UK - Gordon Brown's suggestion the Labour Party would extend its policy to restrict pensions tax relief to include people earning more than £100,000 was a "slip of the tongue", a Labour spokesman says.
The prime minister provoked confusion last night when he said Labour would "take away tax relief for those above £100,000 at a higher rate" as part of its deficit reduction plan.
The apparent announcement of a new policy in the Leaders' Debate sparked a furious reaction from experts in the industry.
Hargreaves Lansdown head of pensions research Tom McPhail said reducing the pensions tax relief threshold had been discussed prior to the budget - and admitted he would "assume the worst".
Barnett Waddingham partner Clive Grimley claimed the move - which would have affected 304,000 people - would have been an example of "yet another stealth tax".
However, the spokesman insisted the policy in the manifesto - which stated that the measure would apply to those earning more than £130,000 - still stood.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.