Last Wednesday’s Daily Mail contained two revelations about the pensions minister, Steve Webb. He eats Bakewell Tart for breakfast. And he’d like a single 30% rate of tax relief on pension contributions.

At the moment, most people don't pay any tax on the income that they save towards their pension. This is because tax on pensions is paid on the way out - when you receive the pension - rather than on the way in when you make your payments. The exception is 25% of the final pension pot that can be taken tax-free at retirement, which incentivises and rewards saving.