Confusion over returning tax free lump sums to the pot.

artyboy

Cobbler_tone said:

squirrelpie said:

Cobbler_tone said:

arthur_fowler said:

af1963 said:

Perhaps the Daily Telegraph will voluntarily compensate those who were misled by its scaremongering ?

No, thought not.

Far from it. People who have acted on their scaremongering coming back to them for help! 
https://www.telegraph.co.uk/money/pensions/private-pensions/i-raided-my-pension-in-a-panic-now-the-regulator-wont-help/

Looking at 'Julia' I am struggling to muster any sympathy for some reason. 

Julia Westcott-Hutton portrayed Party Guest in Sonic the Hedgehog 3.

 

Her work 'in the city' must have been more successful than her acting career. 

Unlikely, otherwise she would have been 'forced' to withdraw £268,275, and not a penny less...

QrizB

I'm not sure that ad hominem comments on the Telegraph's "concerned member of the public" is entirely consistent with MSE's forum rules. Maybe enough now?

RogerPensionGuy

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

NoMore

RogerPensionGuy said:

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

How is it political football? They left it alone as expected. It’s the press to blame here not the government.

it would be nice if government(s) would commit to at least 10 years of no fiddling with pensions, to prevent this kind of speculation but in this case they announced they wouldn’t do anything and didn’t do anything yet some people still believed the press,they just can’t win. 

DRS1

Albermarle said:

Back to the original link.
It seems that the FCA are OK with people returning tax free sums within a 30 day cooling off period.
Although some providers do not allow it all, some do.
Now weeks later HMRC have a different opinion.
Some people have reinstated the tax free cash, some are now blocked, for the time being anyway.
Possibly some will have put the tax free cash back but lost the LSA % .

Looks like a big mess.............

That seemed a logical conclusion from the article and the seeming difference between HMRC and the FSA.  The practical question is whether HMRC will allow a reversal of the putting back within a short period (measured from their announcement) in such a way that the member keeps the tax free status of the original withdrawal.

So withdraw £100000 in pre budget panic, see budget and replace £100000 in pension plan within 30 days, see HMRC announcement re loss of allowance and withdraw the £100000 within a set period - second withdrawal treated as if it was the first one and covered by the LSA.

RogerPensionGuy

NoMore said:

RogerPensionGuy said:

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

How is it political football? They left it alone as expected. It’s the press to blame here not the government.

it would be nice if government(s) would commit to at least 10 years of no fiddling with pensions, to prevent this kind of speculation but in this case they announced they wouldn’t do anything and didn’t do anything yet some people still believed the press,they just can’t win. 

It's football using a rugby ball and goalposts moving randomly. 

The views & phrases I feel are general since 2005, pensions LTA, AA, TFLS, MPAA, IHT treatment just keep moving.

Very unstable and lots of press and governments not making and keeping concrete rules. 

After 20 years of tinkering, complex rules and protections, many people are choosing to be less involved in pensions as maybe they should be. 

It's a mess. 

Plonk on top younger generations and others have lesser pensions than other groups of the population, lack of housing stock verses population, government funding some buyers with more debt to allow house builders to charge more and inflate house prices by design. 

At least the present government building 1.5 million houses in 4.5 years could be helpful like all previous governments have talked about. So 1,000 new houses every day for the next 4.5 years will really happen on average, I will guess 500K new builds may be achieved.

So pensions are seen as a cash cow and they will indeed need to keep the pension environment fluid so as it's always available to top up tax receipts. 

I would like them to set at least a few time windows for various allowed changes, maybe 15, 20 & 25 for potentially negative changes. Maybe changes could be allowed without a time window if the changes are only positive and cannot be negative. 

If we keep income tax at 20% & 40% longterm generally. NI, IHT, SDLT & PENSIONS will be well needed to fund tax requirements.

It looks very very messy to me. 

ComicGeek

RogerPensionGuy said:

NoMore said:

RogerPensionGuy said:

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

How is it political football? They left it alone as expected. It’s the press to blame here not the government.

it would be nice if government(s) would commit to at least 10 years of no fiddling with pensions, to prevent this kind of speculation but in this case they announced they wouldn’t do anything and didn’t do anything yet some people still believed the press,they just can’t win. 

At least the present government building 1.5 million houses in 4.5 years could be helpful like all previous governments have talked about. So 1,000 new houses every day for the next 4.5 years will really happen on average, I will guess 500K new builds may be achieved.

If you look at the really poor quality of those new builds, then you would question why we want to build more of them at all. Developers/builders can't even get the absolute basics right, it's just laughable adding more and more complexity to it and expecting the industry to magically deliver. 

Increasing beyond the current circa 230K per year isn't achievable at the moment, you can't just magic up people and materials. My company has actually just reduced our workload as the current rate isn't sustainable, and there just aren't enough people to do the current work let alone doubling the number of homes built. 

RogerPensionGuy

ComicGeek said:

RogerPensionGuy said:

NoMore said:

RogerPensionGuy said:

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

How is it political football? They left it alone as expected. It’s the press to blame here not the government.

it would be nice if government(s) would commit to at least 10 years of no fiddling with pensions, to prevent this kind of speculation but in this case they announced they wouldn’t do anything and didn’t do anything yet some people still believed the press,they just can’t win. 

At least the present government building 1.5 million houses in 4.5 years could be helpful like all previous governments have talked about. So 1,000 new houses every day for the next 4.5 years will really happen on average, I will guess 500K new builds may be achieved.

If you look at the really poor quality of those new builds, then you would question why we want to build more of them at all. Developers/builders can't even get the absolute basics right, it's just laughable adding more and more complexity to it and expecting the industry to magically deliver. 

Increasing beyond the current circa 230K per year isn't achievable at the moment, you can't just magic up people and materials. My company has actually just reduced our workload as the current rate isn't sustainable, and there just aren't enough people to do the current work let alone doubling the number of homes built. 

New poor quality houses ensures lots of long term revenue possibilities ongoing, it's a great gravey train that appears unchecked, it's just another mess. 

westv

ComicGeek said:

RogerPensionGuy said:

NoMore said:

RogerPensionGuy said:

Just another pension and taxation game of football continuing into extra time. 

Talking, talking about all the stuff they may do and apparently  justification to just change any rules.

It's perfectly normal, it's a total mess and don't expect any improvements, this football game started in 2005 IIRC.

Totally inept. 

How is it political football? They left it alone as expected. It’s the press to blame here not the government.

it would be nice if government(s) would commit to at least 10 years of no fiddling with pensions, to prevent this kind of speculation but in this case they announced they wouldn’t do anything and didn’t do anything yet some people still believed the press,they just can’t win. 

At least the present government building 1.5 million houses in 4.5 years could be helpful like all previous governments have talked about. So 1,000 new houses every day for the next 4.5 years will really happen on average, I will guess 500K new builds may be achieved.

If you look at the really poor quality of those new builds, then you would question why we want to build more of them at all. Developers/builders can't even get the absolute basics right, it's just laughable adding more and more complexity to it and expecting the industry to magically deliver. 

Increasing beyond the current circa 230K per year isn't achievable at the moment, you can't just magic up people and materials. My company has actually just reduced our workload as the current rate isn't sustainable, and there just aren't enough people to do the current work let alone doubling the number of homes built. 

I don't doubt there are some poor quality new builds but I also believe there are a lot of good quality ones too - it's just that we don't hear about it when people are happy.