Opposition party Labour has pledged to reverse a £1bn pensions tax break for top earners that was introduced in the UK's Budget last week.
Labour claims that the tax break is unacceptable within an economic climate notable for stagnating wages and rising costs.
The policy's aim was to encourage high earners to continue working, thereby promoting economic growth, but the Labour Party has argued that it represents a "£1bn pensions bung for the 1%".
Labour has promised to reverse Chancellor Jeremy Hunt's £1 billion Budget pensions tax break for high earners if the party gains power at the next general election.
The allowance, aimed at keeping senior doctors in work, is a "huge giveaway" to the rich, according to the opposition party.
Jeremy Hunt has stated that the decision to remove disincentives to working for longer will help incentivise the country's most experienced and productive workers.
However, critics argue that the pensions lifetime allowance will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.
The Free National Movement has criticised the Labour Party's idea of reversing the pension allowances; British youth have taken note of a potential pensions backlash and while this 'wealth' is made away by private equity firms, it will not be shared with the wider community, leading to structural inequality.
The Lifetime Allowance was set at £1.07 million, any savings above that will be taxed, until the lifetime tax-free limit is abolished on 6 April 2024.