Delusional. I can see friends who have retired early going back to work, I may also see pigs fly.
People quit work not because they couldn’t stuff enough money in their pension pots.
This is excellent news, we should be encouraging the hell out of private pension pots, and while it sounds a lot, a lot of middle and upper middle class savers will hit the current lifetime allowance currently.
Good news for those who can afford to put more than £1.07m in their pension pots, I guess.
Although I suspect for many, the tax rules aren’t the *main* impediment to being able to pay more into their pensions….
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I’m interested to see if this has the opposite effect for some people. They can now deposit more into their pension so if they have a pension target they could reach it earlier.
IMHO, good news, but removing the personal allowance tapper and other spikes in the progressive taxation system would be more welcomed
I wish they link these things to inflation, because eventualy even this wont be enought.
It’s good news that we have a chancellor that does not see pension pots as a source of money to help yourself. The well known socialist, the late Robert Maxwell, the then owner of the Mirror Group news papers, first saw the light and started helping himself to employees’ pension pots, showing the way to chancellors ever since. This reversal of thinking is welcome and long overdue
It’s frustrating because in a cost of living crisis this kind of story will obviously drive up anger about why the middle classes need what is effectively a tax break
The point though is that for many over 50s it can be almost as good to stop work as it is to continue, due to the LTA+tax on income. This is just to try and stop some of the reasoning behind over 50s retiring early, particularly those who are not so retirement inclined but see no reason to continue.
In turn you’ve got more taxes being paid because they’re still in paid work, and you’ll have richer pensioners meaning higher consumption
Given how inflation is pumping this is almost necessary
Name a better duo than the tories and handing out tax cuts to old rich people
The aim here is supposedly to encourage over 50s to stay in the workplace. Can’t see most of them except the really well paid to have much time left to take advantage of this, not many have 1M+ in their pension pot.
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Delusional. I can see friends who have retired early going back to work, I may also see pigs fly.
People quit work not because they couldn’t stuff enough money in their pension pots.
This is excellent news, we should be encouraging the hell out of private pension pots, and while it sounds a lot, a lot of middle and upper middle class savers will hit the current lifetime allowance currently.
Good news for those who can afford to put more than £1.07m in their pension pots, I guess.
Although I suspect for many, the tax rules aren’t the *main* impediment to being able to pay more into their pensions….
[deleted]
I’m interested to see if this has the opposite effect for some people. They can now deposit more into their pension so if they have a pension target they could reach it earlier.
IMHO, good news, but removing the personal allowance tapper and other spikes in the progressive taxation system would be more welcomed
I wish they link these things to inflation, because eventualy even this wont be enought.
It’s good news that we have a chancellor that does not see pension pots as a source of money to help yourself. The well known socialist, the late Robert Maxwell, the then owner of the Mirror Group news papers, first saw the light and started helping himself to employees’ pension pots, showing the way to chancellors ever since. This reversal of thinking is welcome and long overdue
It’s frustrating because in a cost of living crisis this kind of story will obviously drive up anger about why the middle classes need what is effectively a tax break
The point though is that for many over 50s it can be almost as good to stop work as it is to continue, due to the LTA+tax on income. This is just to try and stop some of the reasoning behind over 50s retiring early, particularly those who are not so retirement inclined but see no reason to continue.
In turn you’ve got more taxes being paid because they’re still in paid work, and you’ll have richer pensioners meaning higher consumption
Given how inflation is pumping this is almost necessary
Name a better duo than the tories and handing out tax cuts to old rich people
The aim here is supposedly to encourage over 50s to stay in the workplace. Can’t see most of them except the really well paid to have much time left to take advantage of this, not many have 1M+ in their pension pot.