Budget 15th March2023, any pension changes predictions or views?

noitsnotme

artyboy said:

As someone born less than a week the wrong side of the 55 to 57 pension withdrawal age change, I will be less than chuffed if there's a further rise to 58 that impacts me.

An unfreezing and immediate meaningful rise to the LTA will go some way to offsetting my ire, but frankly I don't need the government nannying me suggesting my money might run out if I retire too soon. Or worse, trying to wield a stick to keep me working. Not going to happen, will just have to utilise other assets to bridge...

Similar situation here.  All my plans were set for 55 but were forced to change to 57.  I’m considering whether to divert more funds to ISAs, rather than the pension, to bridge the gap.  An extra year added to that gap is certainly not welcome.

artyboy

Pat38493 said:

BBC are running their main headline this morning on Today program R4 with the 60K figure and also quoting a 1.8m figure for LTA.

Well above what I would have expected - I was thinking it would be more along the lines of an inflationary increase with further annual rises after that. If it does go straight back to the old £1.8m level, I'll be very happy as it will give me plenty of headroom to work with...

Of course, such a large jump will come with cries of 'foul' from people that have recently crystallised at/around LTA and won't get any benefit because of how it's worked out on a percentage basis.

RogerPensionGuy

marlot said:

RogerPensionGuy said:

Press releases now appearing more confident of sensible increase to various pension rules,, hopefully it will include some mechanism for people unfairly caught out by random down shifting of the LTA to get their pension pots and plans back in order.

If these changes are indeed correct, it will certainly increase people happier to remain or going back in to the working/employment arena. 


https://www.independent.co.uk/money/hunt-considering-pension-changes-in-the-budget-in-drive-to-bolster-workforce-b2300178.html

I doubt any change will help anyone who retired at 100% of the current LTA (£1.073M).  Even if the LTA rises to £1.5M, they'll likely be trapped by the old level.  Hard to see an easy way to entice them back into work. 

A big increase in LTA and AA may well reduce pressure on medics.  Because the 2015 NHS scheme raises pensions by CPI+1.5% each year, the AA bills can be huge.

Anyone disadvantaged by the 1M or 1.073M LTA either fully or partially could get an extra LTA bolt on allowed of an amount or a %

It's easily possible and I hope it occurs, the 1M and 1.073M figures were/are bonkers, IIRC it was 1.8M in 2012.

peterg1965

RogerPensionGuy  pensions by CPI+1.5% each year, the AA bills can be huge.

Anyone disadvantaged by the 1M or 1.073M LTA either fully or partially could get an extra LTA bolt on allowed of an amount or a %

It's easily possible and I hope it occurs, the 1M and 1.073M figures were/are bonkers, IIRC it was 1.8M in 2012.

I agree, if the changes don't incorporate a 'bolt on' for those already at 100% LTA then it defects the object of trying to get the likes of senior doctors etc, back into the work place.

Sea_Shell

You just know that the opposition will have a field day with those increases.  

"helping the rich" etc etc.


I wonder...IF they did win next time out, will they REVERSE these changes, or suddenly go very quiet on them.  

Retired_Minky

Unless something changes today looks like Lta Will be 1.8m and AA of 60k.

Not convinced the AA increase is a good idea but the Lta certainty helps as I had envisaged exceeding this. 

westv

I doubt either of these will tempt many early retirees back to work.

rnj

Sea_Shell said:

You just know that the opposition will have a field day with those increases.  

"helping the rich" etc etc.


I wonder...IF they did win next time out, will they REVERSE these changes, or suddenly go very quiet on them.  

Well... they would be correct in saying that.
Wonder what help there will be that benefits everyone.

Plasticman

Sea_Shell said:

You just know that the opposition will have a field day with those increases.  

"helping the rich" etc etc.


I wonder...IF they did win next time out, will they REVERSE these changes, or suddenly go very quiet on them.  

I suspect they'll make the most of these changes helping the rich but if pushed will say they won't reverse then as people need certainty in their pension planning. Win / win for them really!

arnoldy

Sea_Shell said:

You just know that the opposition will have a field day with those increases.  

"helping the rich" etc etc.


I wonder...IF they did win next time out, will they REVERSE these changes, or suddenly go very quiet on them.  

Yup you can hear the melody of the words now, "...Jade single mother with 3 disabled children can't even afford shoe leather to walk to the foodbank whilst the rich get £1.8 million tax free and can pass that on to their kids" etc etc