Rachel Reeves’s £5 billion raid on pensions will leave nearly three million workers poorer in retirement, official figures have revealed. HM Revenue & Customs (HMRC) estimates that around 2.9 million people will slash pension contributions once restrictions on salary sacrifice schemes take effect in 2029. Of those, 2.2 million are higher-rate taxpayers, but strikingly 666,000 are basic-rate earners on less than £50,271 a year. The data, released via a Freedom of Information request submitted by former pensions minister Sir Steve Webb, expose the wide-reaching impact of the policy announced in the Chancellor’s second Budget. Under the changes, workers will face a £2,000 cap on pension contributions via salary sacrifice before National Insurance (NI) becomes payable. The Treasury expects the move to raise £4 billion, with employers footing most of the bill through higher NI contributions — £3 billion of the total in 2029-30 alone. This comes on top of the £25 billion employer NI raid unveiled in Chancellor Ms Reeves’s maiden Budget, raising fresh concerns that the measures are becoming a stealth tax on jobs. …