Protecting pensions from politicians - or preparing for a Labour coalition
Comments
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thepurplepixie wrote: »That sounds pretty paranoid to me. Have you got any reason to feel that a Corbyn administration would particularly favour an Albanian economic migrant or a one-legged lesbian gender-fluid transexual?
Because they are always banging on about minorities and gender issues.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Not paranoid; she's just read about it in the Daily Mail, so it must be true.
Don't be patronising.
I have said I was feeling down at the time I made my original post, and that I feel better now.
However, If Corbyn wins, the money for all these freebies he has promised has got to come from somewhere, once he's realised that the Magic Money tree doesn't exist. My income is not enough to pay much tax, but I do have a decent amount of savings. I am genuinely expecting him to target people with savings to help fill the coffers so that he can give it to his pet causes (which does not include people like me).(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
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That's pretty rude actually, nowhere does anyone mention the Daily Mail aside from you and you should know better having posted on here over 3500 times. I believe on a number of Seven-Day-Weekend's posts are the original reasons for posting, plus a number of explanations when they have been questioned. As she has been thanked over 50,000 times you should maybe have read the whole threadNot paranoid; she's just read about it in the Daily Mail, so it must be true.Save 12k in 2020 #19 £12,429.06/£14,0000 -
Has someone hacked your account? This is a hysterical reaction.
Changes to pensions do not generally affect what you have earned to date, just what you gain in the future. Pensions and ISAs are essentially based on tax concessions for future contributions to them. Therefore, it follows that removing future tax concessions or giving more of them can happen. There is no right to have a tax free lumpsum or tax relief on contributions or investment return.
How do you know that a Conservative Government will not change the tax rules? For several budgets it has been predicted that they would limit tax relief on contributions to basic rate tax. They have already reduced the lifetime/annual allowances in the past 7 years.
As to public sector pensions some of the higher paid public servants are already affected by the reduced Lifetime Allowance.
How will you guarantee bitcoins, gold etc retain their value?
I agree it is all speculation. All we have to go on is the parties overall approaches to the redistribution of income and assets. In general whilst the Tories at least pay lip service to equality of opportunity, Labour are much more interested in equality of outcome and therefore if there was an unfunded spending commitment to be covered, as there is in the Labour manifesto, then it is likely that the Labour party would look to take funds form those with assets such as property owners via a land value tax or pension holders via change sin the rules such as removing or curtailing the TFLS.all speculation.
I happen to be giving up a lot of consumption now (as a family we definitely qualify as living in poverty) in order to be able to retire as early as I can. It would be a little galling if having made all these sacrifices now in order to achieve this I then have my pension reduced in order to help those who are spending all their income now.
Anyone with a pension or ISA is avoiding tax. Even going on holiday abroad and spending whilst overseas means you are avoiding UK vat.you just admitted to tax avoidance?I think....0 -
seven-day-weekend wrote: »I was not even considering tax avoidance. It was savings I was thinking of putting into the IoM, not salary - mainly because I forsee a Corbyn Administration taking them off me in diverse ways.
Why do you fear a Corbyn administration doing this and not a May one? After all May has not provided costings for her manifesto like the others.
I am not saying Labour will not raise taxes but so will the Conservatives. They have been very reluctant to deny plans to increase NI contributions (including merging NI with income tax which effectively levies it on the retired). The raise in the social care cap is encouraging but the extension of it to include home care services is another way of taking wealth since extended periods of care at home is for most people more likely than going into residential care. Overall the Conservatives have used bland assurances that they are the party of low tax but will not guarantee that by for example promising to keep overall tax to one third of GDP.Right-leaning thinktanks have given the manifesto a mixed reception. Mark Littlewood of the Institute of Economic Affairs said ‘ditching’ the tax-lock promise not to raise VAT, NICs or income tax may make the Chancellor’s job easier but ‘should have been replaced with a commitment to keep the overall tax burden below a third of GDP’. !At the Centre for Policy Studies, Daniel Mahone said the Conservative Party's fiscal target meant the UK would reach a budget surplus by 2025-26. “This will mean that the UK has lived beyond its means for a quarter of a century.! While it is quite understandable that Theresa May wants fiscal wriggle room during the Brexit negotiations, this fiscal target is disappointing. It should be seen as a ‘worst case’ scenario. The next government must aim to achieve a budget surplus at an earlier date.”
I think that means watch out for stealth taxes........Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
being an unfunded pension is a different issue to whether or not their are employees contributions
True, and I am not aware of any public sector pensions that do not have some contributory element. However, when someone states "We also both paid into our occupational pensions, they were contributory, not just given to us like some public pensions are." if they are not referring to unfunded schemes what are they referring to?Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
seven-day-weekend wrote: »Don't be patronising.
I have said I was feeling down at the time I made my original post, and that I feel better now.
However, If Corbyn wins, the money for all these freebies he has promised has got to come from somewhere, once he's realised that the Magic Money tree doesn't exist. My income is not enough to pay much tax, but I do have a decent amount of savings. I am genuinely expecting him to target people with savings to help fill the coffers so that he can give it to his pet causes (which does not include people like me).
The Magic Money Tree is a favourite of the Daily Mail. Do you realise that both Labour and the Lib Dems have provided detailed costings of their spending/revenue plans? Do you realise that the Conservatives have not?
The so called "Dementia tax" levied on people who need care at home for many years and paid for after their death (which affects all sorts of other degenerative conditions) is also a tax on your savings?Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
True, and I am not aware of any public sector pensions that do not have some contributory element. However, when someone states "We also both paid into our occupational pensions, they were contributory, not just given to us like some public pensions are." if they are not referring to unfunded schemes what are they referring to?
I am referring to non-contributory schemes, like I believe the Civil Service Pension is/was.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
The Magic Money Tree is a favourite of the Daily Mail. Do you realise that both Labour and the Lib Dems have provided detailed costings of their spending/revenue plans? Do you realise that the Conservatives have not?
The so called "Dementia tax" levied on people who need care at home for many years and paid for after their death (which affects all sorts of other degenerative conditions) is also a tax on your savings?
The 'Dementia ' Tax is paying for your own care from your own resources. I have no objection to that (although I'd rather be in a position where it wasn't necessary). You will still be able to pass on £100k.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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