An article published on 21 May was incorrectly headlined “Angela Rayner plots to restore pension ‘horror’ tax – takes 55% of your retirement savings”.
The text of the article also incorrectly reported that ‘[i]t’s a 55% levy on people who’ve saved too much into their pension pots, through decades of hard work and careful planning’.
This was misleading, as it did not make clear that the LTA levy only applied to savings over a specific threshold and that the 55% rate only applied to lump sum pension withdrawals. This correction has been published following an upheld ruling by the Independent Press Standards Organisation.