I'd suspect that a lot do not have the skills required to argue about such things. That's why Hunt has a job, he is supposed to be good with everything finance, but as usual with the Tories looking after your 'mates at the top' comes first before the actual financial security of the country!
You should move to Scotland, we do things so much better than up here.
I've actually been considering it tbh. Cheap up Scotchland too for property. Commute to Bristol for work might be a killer though...
The government recently nationalised the railways up here, and unbelievable as it sounds since then 100% of the trains have run on time and the food has improved immeasurably. They've also shovelled money into the education system and the results are measurably better. Their procurement system for ferries has been without fault too.
And we'll have FREEDOM in five years time and we can rebuild the anti sassenach barrier.
Greenman wrote: ↑Wed Mar 15, 2023 3:36 pm
They would never benefit from this change at all!
Big part of the reason to do it is to keep people like Doctors and Solicitors in work, rather than them saying "fuck it, I'm retiring 'cause it's not financially worth me keeping at work".
Like it or not, you and I need those people to stay in work for pesky things like hip replacements and divorce settlements. All the time they're working and not retiring they'll keep on paying 40/45% tax* too, rather than not putting anything "in".
It doesn't have to directly benefit you to benefit you.
*Not including the stuff they sacrifice to put in their pensions of course
Last edited by Mr. Dazzle on Wed Mar 15, 2023 3:48 pm, edited 2 times in total.
Greenman wrote: ↑Wed Mar 15, 2023 3:36 pm
Again helping out the rich. They can now build a pension to what ever they want without having to pay any extra tax on it correct?
What normal working class person has a pension worth more than £1,073,100? They would never benefit from this change at all!
Depends on how you've managed your finances during your working life I suppose. But I agree, it's beyond the reach of many.
As mentioned above, doctors. I forget the exact figure but a large percentage of doctors work part time to avoid incurring tax bills on their pensions. There's a shortage of doctors so it makes sense to encourage them to work full time.
Last edited by Pirahna on Wed Mar 15, 2023 3:46 pm, edited 1 time in total.
gremlin wrote: ↑Wed Mar 15, 2023 2:46 pm
LTA completely scrapped on pensions?
Again helping out the rich. They can now build a pension to what ever they want without having to pay any extra tax on it correct?
What normal working class person has a pension worth more than £1,073,100? They would never benefit from this change at all!
Quite a few people I know do. Working class engineers who did their apprenticeships in the 80, earnt good money on shift work and had final salary pensions. Plastic lefties to Potter, as of course they worked for it, were traditionally trade unionists, they earnt it and they don't want dole scroungers to take it off them.
Helping out the rich? Or just helping out those who worked for it, to encourage drive, ambition, hard work and study?
gremlin wrote: ↑Wed Mar 15, 2023 2:46 pm
LTA completely scrapped on pensions?
Again helping out the rich. They can now build a pension to what ever they want without having to pay any extra tax on it correct?
What normal working class person has a pension worth more than £1,073,100? They would never benefit from this change at all!
Actually quite a few. Many civil service jobs with a DB scheme can easily be more than that without breaking a sweat if the employee has been in service for some time, which many govt. employees have. Sounds a lot, but bear in mind that many 'pots' are valued on what the scheme will be paying out in terms of defined benefits, irrespective of pension performance, and valued as such.
Plus, if the incentive is there to keep working, in order to add to a pension, then that's more tax revenue, both in terms of the salary earned and taxed, as well as the eventual pension which is taxed.
gremlin wrote: ↑Wed Mar 15, 2023 2:46 pm
LTA completely scrapped on pensions?
Again helping out the rich. They can now build a pension to what ever they want without having to pay any extra tax on it correct?
What normal working class person has a pension worth more than £1,073,100? They would never benefit from this change at all!
Actually quite a few. Many civil service jobs with a DB scheme can easily be more than that without breaking a sweat if the employee has been in service for some time, which many govt. employees have. Sounds a lot, but bear in mind that many 'pots' are valued on what the scheme will be paying out in terms of defined benefits, irrespective of pension performance, and valued as such.
Plus, if the incentive is there to keep working, in order to add to a pension, then that's more tax revenue, both in terms of the salary earned and taxed, as well as the eventual pension which is taxed.
Not as cut and dried as it first appears.
True. I think a few people would be surprised if they worked out the cash/annuity equivalent of their final salary pensions. eg
'If you purchase an annuity, a £1m pension pot will provide an income of £35,000 per year. This assumes that you purchase an annuity at age 55 and are in good health. If you wait until you're 68, a £1m pension pot will provide an income of £50,000 per year.'
(Wet finger in the air) I reckon a £2k/month pension (before tax) starting at 60 is about £0.5 millions worth and £24k pa isn't exactly rare nor is it a life of champagne and oysters.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
The more people put in, the more there is for us pension stealers to steal.
I'm getting back into the old game. It's pretty sweet, most of the time you're not actually stealing pensions, just riding round and round and round on a jet ski, laughing.
gremlin wrote: ↑Wed Mar 15, 2023 2:46 pm
LTA completely scrapped on pensions?
Again helping out the rich. They can now build a pension to what ever they want without having to pay any extra tax on it correct?
What normal working class person has a pension worth more than £1,073,100? They would never benefit from this change at all!
Actually quite a few. Many civil service jobs with a DB scheme can easily be more than that without breaking a sweat if the employee has been in service for some time, which many govt. employees have. Sounds a lot, but bear in mind that many 'pots' are valued on what the scheme will be paying out in terms of defined benefits, irrespective of pension performance, and valued as such.
Plus, if the incentive is there to keep working, in order to add to a pension, then that's more tax revenue, both in terms of the salary earned and taxed, as well as the eventual pension which is taxed.
Not as cut and dried as it first appears.
Can civil servants be considered working class, both from a sociological or literal point of view?
Mr. Dazzle wrote: ↑Wed Mar 15, 2023 4:05 pm
Which is why no fucker offers a final salary scheme any more
I'm one of the last in the Rolls-Royce one Dunno who's gonna pay mine, hope they got the sums right.
Mine was closed out a few years back, which was a bit of a shit, but will still pay out a decent monthly wage when my balls touch the toilet water. They placed all of us who were in the DB scheme into a DC scheme that pays in 24% of my salary, so moan about it I will not. My FA nearly fell off the chair when he read the level of contributions. Given the recent change, I may take up my employees offer to chuck in the max AVC of 3% which they will match. No brainer.
(I'm hopeful that as more of the pensioners who are in the DB shuffle off their mortal coil it will encourage the administrator to offer a better buy out price just to close the whole scheme down )
Interesting that Kier Starmer, the rich plastic lefty lawyer now says if Liebour get into Government, that he'd put the cap back onto pensions - as just last year he said he'd do exactly just what the Conservatives have announced.
He says he's going to make it so only doctors can exceed the pension cap. Aside from the weird ethics its rules like this that make taxes such a minefield, intruduce a benefit for doctors only and the number of doctors will increase tenfold but there won't be any more working in the NHS. There will follow several years of HMRC trying to prove these new doctors aren't the doctors meant to benefit, then they will introduce IR36 which will only catch out NHS doctors
The UK tax code contains 10 million words and 21,000 pages. To put that number in some kind of perspective, the Complete Works of Shakespeare is about 880,000 words. So our tax code is about 12 times the length of the Complete Works of Shakespeare. It's about 12.5 times the number of words in the Bible (800,000 words).
mangocrazy wrote: ↑Thu Mar 16, 2023 8:58 pm
The UK tax code contains 10 million words and 21,000 pages. To put that number in some kind of perspective, the Complete Works of Shakespeare is about 880,000 words. So our tax code is about 12 times the length of the Complete Works of Shakespeare. It's about 12.5 times the number of words in the Bible (800,000 words).
In the USA there's a huge book with all the 85,000 tax codes. I had to use it to write a till system for huge US shopping company.
Mussels wrote: ↑Thu Mar 16, 2023 7:56 pm
He says he's going to make it so only doctors can exceed the pension cap. Aside from the weird ethics its rules like this that make taxes such a minefield, intruduce a benefit for doctors only and the number of doctors will increase tenfold but there won't be any more working in the NHS. There will follow several years of HMRC trying to prove these new doctors aren't the doctors meant to benefit, then they will introduce IR36 which will only catch out NHS doctors
You do know that there is already a precedent for Judges in the UK ?
mangocrazy wrote: ↑Thu Mar 16, 2023 8:58 pm
The UK tax code contains 10 million words and 21,000 pages. To put that number in some kind of perspective, the Complete Works of Shakespeare is about 880,000 words. So our tax code is about 12 times the length of the Complete Works of Shakespeare. It's about 12.5 times the number of words in the Bible (800,000 words).
How many words would the works of Shakespeare have been if he'd been specific though?
Dunno who's gonna pay mine, hope they got the sums right.
)
