Workers on a higher tax rate could be hit by an £80,000 Labour tax raid leaving them with £80,000 less in their pension pot, according to new analysis.

Under the current system, tax relief on pension contributions set at marginal rates includes a basic tax rate of 20 per cent.

Higher tax rates are at 40 per cent with an additional rate of 45 per cent.

However, proposed changes by Labour on pension tax relief would mean higher earners could face a whopping £80,000 reduction over their working…