Under Labour’s various pledges and taxes, they hoped to raise an additional £82.9billion. Within the manifesto, Mr Corbyn’s party planned to make pensioners earning £20,000 a year or more paid an additional fee under Labour.
Under a Labour Government, a pensioner earning over the limit of £20,000 may be forced to pay an extra £1,000 in tax.
Moreover, in research conducted by the Conservative Research Department, has claimed that on average, savers could lose more than £11,000.
If Labour were to come to power pensioners may also have to delay retirement by three and a half years.
In particular, the research pointed to two strands of Labour’s pension tax: the inclusive ownership fund and a financial transactions tax.
General election: Jeremy Corbyn's pension tax pledge (Image: GETTY)
General election 2019: Jeremy Corbyn (Image: GETTY)
Under the inclusive ownership fund, Labour would require all companies to transfer 10 percent of all shares in the fund.
However, according to law firm, Clifford Chance, that pledge could create a cost of £30billion to UK pension funds.
Commenting on the plans, Therese Coffey, Secretary of State for Department of Work and Pensions, said: “Corbyn’s pension tax will see ten million savers facing a huge bill forcing them to delay their retirement for almost three and a half years.
“This is just one of the ways a Corbyn government would hammer hardworking people on top of his plans to hike up taxes by £2,400 a year, as well as the cost of his plan for unlimited immigration and the chaos of 2020 being dominated by two more referendums - one on Brexit and another on Scottish independence.”
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General election: Jeremy Corbyn (Image: GETTY)