Circulate 25% TFLS

deepam

Another question that comes into mind is that will there be a date when they reduce 268K or will it be immediate after the budget. Just wondering if there be a chance to withdraw TFLS or not

chuffinnora

If they did reduce the TFLS, depending on how much, there would have to be some conditions because otherwise there would be an almighty rush to withdraw funds in a nanosecond. Apart from a pension fund meltdown I doubt pension providers could cope with the workload. I remember mine saying before the last budget that TFLS applications had gone through the roof.

That would be far more damaging than Rachel scrambling for a bit more tax.

Besides many of us think they wont touch the TFLS.

Cobbler_tone

This seems to be a theme on here, maybe understandably considering it being a pension board.
The current government keep committing to not touching 'working peoples taxes' which was clarified as retirees too by Reeves.
Ultimately the crazy amount of borrowing/debt needs action. If it is not coming 'directly' from 'working people' it needs to come from somewhere. If they continue to hike elsewhere (i.e. via business) it impacts on working people anyway. Many businesses have already passed breaking point.

In terms of this specific TFLS micro topic. It gets blown up in a few AI articles and it matters to a minority (this obviously grows depending on the fictitious limit you want to pluck out of the air) that would impacted but I suspect not catastrophically in the vast number of cases. Whilst it might mean paying some more tax for individuals, it probably won't happen nor make a material difference to the bigger picture for the government. If it does happen in the future it'll be another self fulfilling prophecy. 

It is certainly not speculation that would lead me to knee jerk on something that could have some far wider ranging negative impacts to my future.

I wish a little more politics was allowed, I have to get my kicks elsewhere!

RogerPensionGuy

I have no confidence in the phrase "working people" and the way it's used, I can see plenty of working people getting taxed more and more now and in the future.

Governments should put the books in order as a rule and especially so at this time as government debt lenders are looking so closely at how spending, borrowing and debt is managed so it certainly appears little wriggle room and with the economy looking slow and GDP being stuck/locked in 2nd gear for many years, the books needs fixing and it feels obvious to me we(collectively) will pay more taxes these next few years & decades. 

I can't see how people in retirement will be treated differently or better than mainstream people.

All I hear is working people and the state pension tripple lock will be be looked after, but recently I have seen retired people being placed in positions not consistent with the press output.

As the government has I think confirmed the tripple will stay I can only assume other pension possibilities are in scope to be changed.

I'm 99% confident the 25%/268K will remain this time around, but I've had enough and my personal potential risk/reward feeling has finnaly pushed me in to emptying out that 268K and sure I can put that cash somewhere a bit helpful and never be bothered about the will they/won't they game on this PCLS/TFLS game.

Maybe I'll take up gambling as I think no tax on winnings currently.