Thoughts on the Budget?

JezR

Simple elimination of Class 2 NI will affect those who have been using it as a cheaper alternative to paying Class 3 for pension accrual.

For those paying Class 4 there will be a 'a contributory benefit test', whatever that means. Details subject to consultation.

kidmugsy

haf63 wrote: »

"Fixed and individual protection regimes will be introduced alongside the reduction in the lifetime allowance to protect savers who think they may be affected by this change"

What then is the point of the change?

Triumph13

kidmugsy wrote: »

What then is the point of the change?

If anything like past protections if you want to keep the higher allowance then you can make no more contributions.

EdSwippet

kidmugsy wrote: »

What then is the point of the change?

'Protection' from the govt, like that of the Cosa Nostra, always comes with strings attached. In the past, getting protection has also meant giving up the ability to contribute more to any pension in future.

fizio

kidmugsy wrote: »

What then is the point of the change?

there will be strict criteria to qualify for protection so most will not be eligible

Triumph13

Key thing for me was the introduction of indexing for the LTA, although very sneaky letting it erode by inflation for a couple of years first. If that sticks then you have at least half a chance of trying to plan!

fizio

Triumph13 wrote: »

Key thing for me was the introduction of indexing for the LTA, although very sneaky letting it erode by inflation for a couple of years first. If that sticks then you have at least half a chance of trying to plan!

True, though I'd rather index at 1.25 than 1.0m

bmm78

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413764/Creating_a_secondary_annuity_market__web_file_.pdf


Government consultation paper on the creation of a secondary annuity market.

Provides a lot more meat on the bones to some of the issues previously discussed.

wessy53

peterg1965 wrote: »

I think the budget was generally pretty fair and upbeat. More than could be said for the response from Ed Miliband, which was pathetic.

Funny i thought exactly the opposite i thought Ed was in fine form. and Gideon was suddenly Lord plentiful, must be an election coming up.

Eric_the_half_a_bee

wessy53 wrote: »

Funny i thought exactly the opposite i thought Ed was in fine form. and Gideon was suddenly Lord plentiful, must be an election coming up.

Hmmm... your use of the name "Gideon" makes me suspect you would have come to the same conclusion regardless of what anybody said