Tax relief on pensions (150K plus)

BobQ

Pete111 wrote: »

Don't really have an issue with only getting 40% relief.

However there is talk of making it basic rate only if you earn over 150k...how on earth would that be fair when you could earn up to 149.99k and get twice as much tax relief on your pension!?

http://www.ifs.org.uk/publications/7708

This gives some more details. Devil and Deep Blue Sea?

EdSwippet

Pete111 wrote: »

Pete111, gadgetmind, here's where it's handy to observe that at least you have good choices, not those of people with debt or other money issues. Nice incomes and lots of capital have their troubles but they beat the alternatives.

Absolutely - first world problems and all that.

I have choices now because I took choices earlier in my career. Such as emphasizing saving for retirement over a larger lifestyle in general. I made those choices earlier to widen my options in later life, yet I find that nevertheless my options are still narrowed, in this case down to retiring earlier than I had intended.

I will not be eating catfood and drinking only water when I retire. The reduced LTA reaches to crisps and beer. I had hoped to trade up to cheese and wine by working a few more years, but since Mr Osborne has decreed that should I save up for cheese and wine he's going to tax it back down to crisps and beer no matter what, I might as well have a longer crisps and beer retirement than a shorter one.

So lose-lose, then. I lose a little -- and nothing that make a large difference to me -- and the govt loses a lot. It is hard to see how this helps the govt dig itself out of whatever fiscal hole it has dug itself into, but this is not my problem. I'm sure that Mr Osborne has it all worked out juuuust fine. He must of course understand the maths of all this much better than I do. (Notwithstanding that I hold twice as many degrees as he does. And mine are numerate while his is not. And mine are at better grades too.)

As for first world problems... politicians grant themselves pensions that are twice as generous as the one they allow me, and at the same time I face a tax+NI rate of more than 67% on a chunk of my income. That has quite a whiff of third world dictatorship about it.

Pete111

BobQ wrote: »

http://www.ifs.org.uk/publications/7708

This gives some more details. Devil and Deep Blue Sea?

Christ.

If the Tories get in I'm screwed.

But if Labour get in they won't even buy me dinner first.

It's cr*p like this that make me want to drop to a 4 day week to avoid daring to earn 'too much'.