Pension changes

Slinky

Well anything you read in the Telegraph or Mail is going to be written to press the full on fear buttons isn't it.

cloud_dog

Hattie627 said:

MeteredOut said:

Hattie627 said:

Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings? 

No, no-one here can tell you that.

Many will have opinions, much of which will be informed, but It depends what you mean by "protection"

I'd welcome any reasonably informed opinion then. Sorry if my question displays naivete. Obviously we are in the realms of speculation but there is a lot of that going on at the moment in the press (eg Telegraph) with very little explanation of the reasonable possibilities to the uninformed. Sorry if worrying about my retirement plans planned over many years (as we are encouraged to do) is the wrong thing to do but I can't help it.

Protection used in a general sense, something analogous to protecting pension pots already saved when the LTA was lowered. I know that the detail will be important.

Just stop reading the newspapers!

Ibrahim5

There was a period maybe 10 years ago when they were talking about stopping the tax free lump sum. We had an IFA who used to visit us touting for business and I remember her saying it would be immediate. She was happy to tell people any old rubbish though.

ali_bear

Possibly the OP needs to read less Telegraph and more of the existing threads on here. 

Albermarle

Sahara20 said:

None of us has a crystal ball but should pension changes ( e.g removal if TFLS etc) be announced in October budget, what timeframe will be implemented?  Will changes be immediate or from start of next tax year Aoril  2025 ?

Of all the possible changes this is the most unlikely.
Labour have said they want to encourage pension savings, so removing a major benefit of pensions would be illogical and very controversial with many sections of society. So no chance it will happen.

horsewithnoname

Hattie627 said:

MeteredOut said:

Hattie627 said:

Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings? 

No, no-one here can tell you that.

Many will have opinions, much of which will be informed, but It depends what you mean by "protection"

I'd welcome any reasonably informed opinion then. Sorry if my question displays naivete. Obviously we are in the realms of speculation but there is a lot of that going on at the moment in the press (eg Telegraph) with very little explanation of the reasonable possibilities to the uninformed. Sorry if worrying about my retirement plans planned over many years (as we are encouraged to do) is the wrong thing to do but I can't help it.

Protection used in a general sense, something analogous to protecting pension pots already saved when the LTA was lowered. I know that the detail will be important.

Don’t believe the rubbish you read in the far right press. That’s a reasonably informed opinion!

Cus

I could realistically see some sort of reduced TFLS, along with options to protect the current TFLS amount so long as you stop contributing, bit like the LTA protections they had

Mutton_Geoff

Hattie627 said:

Can anyone tell me if there would require to be protection given for pension pots already saved? Surely they couldn't change the rules retrospectively for these pension savings? 

Of course they can. Look at the history of the LTA.