Gov Access to Bank Accounts for those in receipt of SP

ggmf

Interesting Tweet (or 'X') from Sir Stephen Timms re-tweeted (or re-X'd) by @JosephineCumbo

https://twitter.com/stephenctimms/status/1731313291564089658

"Ministers last week rushed an amendment through the Commons, allowing it to look into the bank account of everybody claiming State Pension. Their only reason was that it might be useful one day. The only change which could make it useful would be to means test the State Pension"

Steve_666_

Two bank accounts, one for the state pension...

flaneurs_lobster

What on earth does "look into the bank account" actually mean? Don't the authorities already have such powers if someone is being investigated for criminal activity?

Very long stretch to imagine that the only reason for this (whatever "this" is) would be a means-tested state pension. 

mebu60

The State Pension is already means tested to some degree courtesy of the income tax regime. Any further means testing oversight (if there were to be any) would surely be via HMRC not the recipient bank account which, as @Steve_666_ has already pointed out, can be standalone.

cloud_dog

flaneurs_lobster said:

What on earth does "look into the bank account" actually mean? Don't the authorities already have such powers if someone is being investigated for criminal activity?

Very long stretch to imagine that the only reason for this (whatever "this" is) would be a means-tested state pension. 

I assume it might involve allowing them to invoke 'Open Banking' to be mandatory for electronic payment of SP, thereby allowing them to analyse to their hearts content your income and spending habits

pinnks

Steve_666_ said:

Two bank accounts, one for the state pension...

That won't work as, the way I read it, the draft legislation allows access to all of your accounts

Steve_666_

pinnks said:

Steve_666_ said:

Two bank accounts, one for the state pension...

That won't work as, the way I read it, the draft legislation allows access to all of your accounts

humm, and how do they discover all of my accounts, unless they have access to all accounts within the UK. However it might be a nice mech for an incoming government to look into the tories mates in the city and especially the hedge funds, and maybe we will be able to find some of that 40+ billion in uncollected tax

LHW99

pinnks said:

Steve_666_ said:

Two bank accounts, one for the state pension...

That won't work as, the way I read it, the draft legislation allows access to all of your accounts

So if you don't allow all your accounts to participate in Open Banking..........?

flaneurs_lobster

LHW99 said:

pinnks said:

Steve_666_ said:

Two bank accounts, one for the state pension...

That won't work as, the way I read it, the draft legislation allows access to all of your accounts

So if you don't allow all your accounts to participate in Open Banking..........?

Rather think that the point of the (proposed) legislation is that you wouldn't get the option to opt out.....

ggmf

Steve_666_ said:

pinnks said:

Steve_666_ said:

Two bank accounts, one for the state pension...

That won't work as, the way I read it, the draft legislation allows access to all of your accounts

humm, and how do they discover all of my accounts, unless they have access to all accounts within the UK. 

Because your accounts are linked and traceable by your NI number?  So HMRC can track and collect tax on interest payments where due?

basketcase

Withdraw any money not used for fixed expenses and pay by cash (or maybe paypal...?)