We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The inevitable pre-budget speculation on pensions
Comments
-
HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?0 -
norm_ said:HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?
That’s it.
The entire article.
So no, not weird, but frankly a pretty basic suggestion for those with excess spare income to do.On a separate point, to those who are panicking about the TFLS being reduced and are pulling theirs out: do check that the remainder is in a position that suits their future plans.
I have a relative who was planning to take theirs, & who discovered their (older) Aviva pension would then NOT let them make regular withdrawals in the future if the TFLS was taken (only individual withdrawals).Now moved to a new Aviva SIPP, that is not a problem. Worth checking 🤷♂️Plan for tomorrow, enjoy today!2 -
norm_ said:HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?4 -
norm_ said:HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?1 -
HedgehogRulez said:norm_ said:HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?1 -
BlackKnightMonty said:ClashCityRocker1 said:I think fiscal drag WILL serve most of the Government's taxation needs. The rest is keeping their nerve as we work through global issues.
But I am not sure the Government will keep their nerve!
I think there is a case for reworking the whole income tax/NI system - probably taxing wealthy pensioners a bit more. But it would be a brave chancellor who did so, especially after saying they wouldn't.The tax base needs to broaden (imho) so that a majority of house holds are net contributors. A combination of increased low and income tax rate, combined with welfare reductions is long overdue.0 -
Just yet another media about pension stuff.
A few names in the link are certainly sobering for me.
However I'm still feeling 99% that 268K figure won't be reduced immediately or ever, but maybe some clever tapering or phrase could get introduced in the future.
Historicly whenever they reduced the LTA previously, they offered various potentially helpful & unhelpful protections and when it went up they allowed the higher limit to be used, very confusing and impossible to plan accurately.
***
Pension, Badgers, Nutmeg and Covid https://share.google/pIBlASFxlWm1v3KGz1 -
norm_ said:HedgehogRulez said:norm_ said:In the event 40% tax relief is cut from pension contributions, would that apply from the next tax year?
How would it work if people had already contributed this year?
0 -
The perils of spellcheck0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 245K Work, Benefits & Business
- 600.5K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards