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Pensions
From Pants On Fire
[edit] Pensions Tax Credits
One of Gordon Brown's first acts as chancillor in 1997 was to abolish the pension tax credits. In late March/early April of 2007, ten years later, the Times obtained documents through the freedom of information act that showed Gordon Brown had been warned by the Inland Revenuw that:
- "We agree that abolishing tax credits would make a big hole in pensions scheme finances."[1]
The change resulted in many pension schemes failing[2], private companies having to drop final salary schemes,[3] and many companies suffering a gap in their pensions schemes.[4][5][6]
[edit] Historical Pension Data
The table shows how the basic state pension for singles and married couples has changed between 1996 and 2007.
| Year | 1996-7 | 1997-8 | 1998-9 | 1999-2000 | 2000-1 | 2001-2 | 2002-3 | 2003-4 | 2004-5 | 2005-6 | 2006-7 | 2007-8 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Single Person | £61.15 | £62.45 | £64.70 | £66.75 | £67.50 | £72.50 | £75.50 | £77.45 | £79.60 | £82.05 | £84.25 | £87.30 |
| Married Couple | £97.75 | £99.80 | £103.40 | £106.70 | £107.90 | £115.90 | £120.70 | £123.80 | £127.25 | £131.20 | £134.75 | £139.60 |
