Govt must scrap pension tax relief - think tank

The non-partisan organisation, set up by director Phillip Blond, said tax relief had cost more than £48bn but had not helped boost pension saving. Speaking on the issue, Blond said a new mass savings vehicle, which could become a tool for widespread investment, would provide a fairer alternative. "Tax relief has amounted to a total of £48.4bn in the UK," Blond said. "It has not worked and has not delivered the vast majority of the population any saving. The system has produced a net investment return of minus £17.5bn." Blond added: "We need to get rid of this and get in a mass savi...