Will Labour introduce a retirement tax?

Rishi Sunak said a Labour government would subject the state pension "to a retirement tax”. Is this claim true? And what else could Labour do to pensions?

Retired couple with laptop
What will a Labour government mean for pensions?
(Image credit: Getty Images)

As the Labour government prepares to deliver their first Budget next month, many retirees will be bracing themselves for further pension shocks.

The new government has already scrapped the winter fuel payment for millions of pensioners, and prime minister Keir Starmer has warned that the Budget will be "painful" with more "difficult decisions" to come.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.