Pension Tax free lump sum could be a thing of the past.....

Discussion in 'Motorhome Chat' started by buttons, Feb 23, 2016.

  1. buttons

    buttons Funster

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  2. Clive

    Clive Funster Life Member

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    This could be worse than Gordon Brown's change which stole the tax refund on dividends earned by pensions companies, leading directly to the current pension crisis. :mad:
     
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  3. Minxy Girl

    Minxy Girl Funster Life Member

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    This got me a bit concerned at first as although we don't work, we have not drawn any pension yet, either a lump sum or as a regular income (too young!) however the article does say:

    The Chancellor is not expected to make the change retrospective, however, so tax-free lump sums already built up would be safe.

    But Mr Webb warned: ‘The Isa approach would stop people building up any more tax-free lump sums on future pension savings.

    ‘Even for someone 10 years away from pension age this could have a big impact on their retirement planning.’​

    So it would ONLY affect FUTURE PENSION CONTRIBUTIONS, not those which have already been built up, so for us it's not an issue (unless we chose to go back to work and contribute again ... no chance) but I can see how it would be a major worry for those who are still working and a fair way from being able to draw their pension.
     
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  4. Mickx

    Mickx Funster Life Member

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    At least Dick Turpin wore a mask.......
     
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  5. fastpat

    fastpat Read Only Funster

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    Strange that it doesnt mention his plans to only allow basic rate relief on monies being paid into the pension pot which is also on the cards. How to encourage people to save what!
     
  6. Tea Bag

    Tea Bag Funster

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    Hi.
    Time to Google..... For advice lol. But who will believe it,after all thats said about the Daily Mail.
    Tea Bag
     
  7. buttons

    buttons Funster

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    AOL have a better description but aol is sometimes difficult to open the link so I thought I would stick with familiar territory, at least members will believe what they read in the DM.
     
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  8. Techno

    Techno Funster Life Member

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    Mine and more is coming out next week so I don't care :LOL:
     
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  9. Smith and Sharp

    Smith and Sharp Funster

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    Don't bank on it minxy.... They change their minds like their expensis claims..!
     
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  10. MH 55 FUN

    MH 55 FUN Funster

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    Grabbed my 25% tax free @ 55 when I retired - 2 years go :)

    Only 9 years until I get my state pension . . . . unless they change the goalposts again
     
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  11. treetops1

    treetops1 Funster

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    For some reason or other i got 27.5% when i got my tax free cash , didn't question it just took the money lol
     
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  12. MH 55 FUN

    MH 55 FUN Funster

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    Nothing could be worse than that . . . other than another Labour Government within the next 100 years . . .
     
  13. Techno

    Techno Funster Life Member

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    Yes you can get the balance of your personal allowance included if not working
     
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  14. The Wino

    The Wino Funster

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    All rumour if I was looking for money I would put capital gains tax on housing
     
  15. CeeJay13

    CeeJay13 Read Only Funster

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  16. buttons

    buttons Funster

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    Short-termism, it will all go tits up when our kids who wont themselves have adequate pension provision. Their inheritance will all but disappearing on our care home fees as we are all living longer.

    Who is going to pay for the care of our kids when they need it? It won’t be cheap. They won’t have a property, they won’t have a pension and they are working for less so who will pay. I can see problems on the horizon…..:(
     
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  17. stevec

    stevec Funster

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    I hope I don't need to worry about this. Taking pension (and my lump sum) in July. 18 weeks and counting!!
     
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  18. treetops1

    treetops1 Funster

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    Got that info Andy , I received the 27.5% cash a couple of weeks after retiring.
     
  19. Chris

    Chris Funster Life Member

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    And this from a Government who want us to make our own provision for retirement:rolleyes:

    So you pay in with money you have already paid tax on and then pay it again when its time to retire.
     
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  20. tofo

    tofo Funster

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    Fished mine out when I gave up working at 60

    I have just received an estimate on my state / company
    Pension . I gave up a 1/4 payment at age 65
    For state pension + 3/4 company pension
    And drew my 25% out

    Just had the figures in I will earn a very similar amount
    In April as I earned previously
    It did bother me 5 years ago not worried now :pray:

    Unless major change in pension rules come in
     
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