Private pensions are a publicly subsidised gift to the wealthy | Phillip Inman

John Healey should equalise the tax break on pension savings to stop inequalities from widening

Private pensions are a privilege for the lucky few and a curse for everyone else. Sold as a saviour for what would otherwise be a ruinous old age, they have become pernicious financial vehicles that allow an older generation to hoodwink younger generations, who also seek security in their latter years.

To make matters worse, saving by the better off is enhanced by state subsidies, widening the divide between rich and poor in retirement while driving a wedge between the generations.