Gaby Hinsliff (Britain needs cash and everyone knows we should break the pensions triple lock. Where is the courage?, 22 September) is right that public policy should not subsidise wealth without limit, but breaking the triple lock is a poor way to target affluent pensioners. Most pensioners are not affluent. Indeed, a quarter of pensioners require benefits in addition to the state pension just to survive and keep a roof over their heads.
If the aim is to stop subsidising wealth, a more direct target is the generous tax treatment of private pension savings. A taxpayer contributing £100 to a pension can receive £40 or £45 in tax relief if they pay higher- or additional-rate tax, compared with £20 for the basic rate. Tax and national insurance contributions relief on private pensions costs the government a staggering £84bn a year.
