State pension age NOT rising yet

[Macron]

They have sat on the politically uncomfortable fence for this for a while, hence punting it out until post election, not necessarily saying it won't ever happen.

But as you are supposed to only take your private pension 10 years before state, this is possibly a good thing for many.

Although what would be best for all of us is if they all just stopped fking about with pensions for a reasonable length of time, so we could all actually plan, rather than have to react...

https://www.bbc.co.uk/news/business-65120317

[FiF]

The one thing they don't mention other than very obliquely is part of the excuse given for this is the change in life expectancy in UK. Clearly it's not across the board, worst affected areas being deprived plus some geographical variations. Plenty of studies out there and available freely.

Warned about this a few years back and got roundly poo-poo'ed on here, but the stats now starting to support that prediction.

Do generally agree that the multiple changes to the rules, often bringing forward the start date for those previously announced, all amplified by piss poor implementation by the relevant departments make planning more difficult and uncertain than it need be.

[Macron]

I can already see a lecturn with "following the science" written on it.

That being the science of polling and the Conservative party's reelection chances, not in any way the population's health

[Prolex-UK]

Reckon its the french demos that could be causing this...

Also it may save them a few votes at the GE.

1 year in it will be reintroduced

[mjb1]

There is talk of abolishing the 25% tax free lump sum. Won't be popular, but probably less likely to incite riots?

[alscar]

mjb1 said:

There is talk of abolishing the 25% tax free lump sum. Won't be popular, but probably less likely to incite riots?

I assume you are referring to this earlier this year ?
Personally I would doubt it but who knows but would agree if this happens difficult to see a riot.

IFS calls for government to scrap 25% tax-free lump sum

[anonymous-user]

mjb1 said:

There is talk of abolishing the 25% tax free lump sum. Won't be popular, but probably less likely to incite riots?

I’d better get in quick !

[FiF]

Maybe it's part of just another attemt to write a verse in the inter-generational divide songbook that older people are to blame for all of Britain's problems.

[alscar]

James6112 said:

I’d better get in quick !

Even if they do there will no doubt be a fairly long lead in time giving plenty of time to make some arrangements.

[J4CKO]

It will go up, and probably again.

In the future it will be the same as a sign I saw as a kid in an ice cream van parked at the "Brickworks" at Manchester airport when my grandad took us to watch the planes.

"Credit will only be given to those over 80 if accompanied by both parents"

I was about 8 and thought it was very funny, and please that I "got it", but those may end up as the state pension criteria by 2100.

[Murph7355]

Weak. But we'll get nothing different from the next lot.

Get it implemented and have done with it.

As for private pensions, not sure why that really needs linking to state pension. Let people declare private retirement when they want, but simply have it declarable only once.

[Blackpuddin]

James6112 said:

mjb1 said:

There is talk of abolishing the 25% tax free lump sum. Won't be popular, but probably less likely to incite riots?

I’d better get in quick !

I blew mine years ago so I am all in favour of this progressive move.

[lauda]

FiF said:

The one thing they don't mention other than very obliquely is part of the excuse given for this is the change in life expectancy in UK. Clearly it's not across the board, worst affected areas being deprived plus some geographical variations. Plenty of studies out there and available freely.

Warned about this a few years back and got roundly poo-poo'ed on here, but the stats now starting to support that prediction.

Do generally agree that the multiple changes to the rules, often bringing forward the start date for those previously announced, all amplified by piss poor implementation by the relevant departments make planning more difficult and uncertain than it need be.

I had the dubious privilege of having a meeting with some actuaries last week. For the pension scheme we were discussing, the life expectancy assumption for someone currently aged 45 had dropped by a year since the previous actuarial valuation. Mortality is still expected to improve, but quite a bit less than previously assumed.

[cb31]

alscar said:

I assume you are referring to this earlier this year ?
Personally I would doubt it but who knows but would agree if this happens difficult to see a riot.

IFS calls for government to scrap 25% tax-free lump sum

They better bloody not do, banking on that tax free lump sum.

[Wills2]

cb31 said:

alscar said:

I assume you are referring to this earlier this year ?
Personally I would doubt it but who knows but would agree if this happens difficult to see a riot.

IFS calls for government to scrap 25% tax-free lump sum

They better bloody not do, banking on that tax free lump sum.

Same here what are they playing at, are they trying to ruin people?

[Mr Dendrite]

Wills2 said:

cb31 said:

alscar said:

I assume you are referring to this earlier this year ?
Personally I would doubt it but who knows but would agree if this happens difficult to see a riot.

IFS calls for government to scrap 25% tax-free lump sum

They better bloody not do, banking on that tax free lump sum.

Same here what are they playing at, are they trying to ruin people?

If I remember correctly the report did recommend it on a financial basis but recognised that it would not be politically expedient for any party. It also made the point that especially for lower tax paying income groups the tax free lump sum is a major incentive to save into a pension as otherwise the tax relief benefit is neutral. This of course ignores the benefit of any employer contributions.

As a thought, if the 25% tax free lump sum was scrapped and the higher rate tax relief was binned as some would like pension contributions would probably fall through the floor. That would have some interesting long term impacts to say the least!

[Hugo Stiglitz]

I said this this week. How is that fair for people who have been on a low wage all their lives?

Also I imagine many people will leave work then be on disability benefits etc before the state pension age kicks in....

Unless of course you a multi directorship PHer or PH landlord with multiple tenants..

[Panamax]

Mr Dendrite said:

if the 25% tax free lump sum was scrapped and the higher rate tax relief was binned...

Who, over the age of 25, is going to vote for the party which does that?

[cb31]

Mr Dendrite said:

As a thought, if the 25% tax free lump sum was scrapped and the higher rate tax relief was binned as some would like pension contributions would probably fall through the floor. That would have some interesting long term impacts to say the least!

Absolutely, I certainly wouldn't bother and would just spend my earnings there and then. Why take the risk saving for a pension when you may never get to spend it? It's such a stupid idea you can imagine this or the next government going for it.

[monkfish1]

Wills2 said:

cb31 said:

alscar said:

I assume you are referring to this earlier this year ?
Personally I would doubt it but who knows but would agree if this happens difficult to see a riot.

IFS calls for government to scrap 25% tax-free lump sum

They better bloody not do, banking on that tax free lump sum.

Same here what are they playing at, are they trying to ruin people?

no. They just want you to stay working, or if you have retired early, get back to work.

They need the tax £. Primarily it seems, so they can steal it for themselves. Contracts for chums, all that stuff.

We have just seen round one, trying to incentivise people. When that doesnt work, and it wont, then they start ratcheting up the taxes so you simply have no choice.

wkers!

Constant meddling with the rules around pensions is just unacceptable. As others have observed, people will reduce or stop their contributions if most of it just evaprates in tax.

wkers!