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Joined: Jul 2008
Posts: 14,580 Likes: 39
Wiki Master
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Wiki Master
Joined: Jul 2008
Posts: 14,580 Likes: 39 |
You have been able to take up to 25% of your pension as a lump sum tax-free for a long time.
If you take more than 25% as a lump sum and its not re-invested in another recognised pension scheme you get taxed on the lump sum.
It is absolute madness because there are going to be quite a few people who will snatch their whole pension and blow it, then they will be supported by the state benefits/credits systems - I can only assume the government intends to catch these people under the "intentionally making yourself poor" rules, but I didn't think they applied to credits (eg Pension Credit), I could be wrong.
I've been watching this unfold and the amount of misleading information being publicised by the government and financial institutions is astounding - get ready for the miss-selling cases appearing in the next few years.
I personally think it was introduced by the tories when they didn't think they were going to elected into government again and it was going to be a back-slap to the next government.
There's a real danger that the left will drag Britain back to the 1970s, with secure well-paid jobs, ample housing, properly-funded NHS and social care, free tuition, student grants, final salary pensions, affordable rail fares and fabulous films and music. David Osland 2025 We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
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Joined: Jan 2015
Posts: 73
Member
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Member
Joined: Jan 2015
Posts: 73 |
granny you a star most of what you say is 95% true.love to meet you and discuss the other 5%.Are you up to go the corner on a wiki night out?
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Joined: Jan 2015
Posts: 73
Member
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Member
Joined: Jan 2015
Posts: 73 |
diggingdeeper.who do you think is going to get richer from this new rule
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Joined: Jan 2014
Posts: 659
Smartchild
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Smartchild
Joined: Jan 2014
Posts: 659 |
I believe the intention was to garner the pensioner vote but I don't think they took into account that senility is not a compulsary factor of aging. The reception the PM received today would have been a bit of an eye opener.
Last edited by GeeMeister; 25th Mar 2015 1:20am.
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Joined: Jun 2011
Posts: 17,811 Likes: 3
Wiki Master
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Wiki Master
Joined: Jun 2011
Posts: 17,811 Likes: 3 |
granny you a star most of what you say is 95% true.love to meet you and discuss the other 5%.Are you up to go the corner on a wiki night out? Could be. At the moment I'm stuck in a wet suit off the coast of somewhere with a bunch of bananas. If I'm back in time, I'll let you know. By the way, 95% is not quite good enough. In addition: An overhaul of the state pension system will see a single-tier pension - of £144 a week at today's prices - being paid to every qualifying new pensioner from April 2017 at the earliest. Suspecting that will then mean no further pension credits issued for those qualifying. We have to be ten steps ahead and if that has been passed, it must have been voted for by all parties. Don't cash your pensions in.
Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect.
~Chief Seattle
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Joined: Jul 2008
Posts: 14,580 Likes: 39
Wiki Master
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Wiki Master
Joined: Jul 2008
Posts: 14,580 Likes: 39 |
diggingdeeper.who do you think is going to get richer from this new rule Pension advisers, banks and other financial institutions and their share holders. Perhaps you should have asked who is going to get poorer, the answer to that is a lot of people who have been misled or ill-advised.
There's a real danger that the left will drag Britain back to the 1970s, with secure well-paid jobs, ample housing, properly-funded NHS and social care, free tuition, student grants, final salary pensions, affordable rail fares and fabulous films and music. David Osland 2025 We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
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