you tube pension scaremongering??

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82117730#Comment_82117730

I did say I know it comes out in the wash - so overall tax wil still be 20%. but the private pension portion will be taxed at 24% to make up the lack of tax on the state pension - no? My head knows it shouldn’t matter but it’ll feel like it.

QrizB

if you feel like you’re being taxed at 24% then your feelings are wrong, better looking at actual facts

If only it was as simple as telling someone "nevermind how you feel, these are the facts".

Many people trust their feelings more than they believe the facts. That's how these clickbait videos work, and how the people behind them make their living from YouTube monetisation.

LHW99

https://forums.moneysavingexpert.com/discussion/comment/82117753#Comment_82117753

Added to which, there are going to be a number of elderly, confused people who maybe haven't ever really understood how these things work, and become even more confused due to poor reporting in the popular press / social media.

johnaka

thank you. I thought as much. I'm currently getting taxed on my small pension.

Silvertabby

If you think this is bad, wait until after April next year when many more people will be on a K code.......

bjorn_toby_wilde

https://forums.moneysavingexpert.com/discussion/comment/82118018#Comment_82118018

This board will be interesting then 🤨

RogerPensionGuy

Reference April 2027 and pension DC SIPP IHT changes, these boards will get lots more interest and traffic.

I have a good few people I know with big old SIPPs(many were mostly funded via DB transfers) and now under various IFA type people organisations.

Out of the many, only one has been advised doing a smallish annuity now with annuity rates being high is sensible.

Many of these people I know transfered because of leaving a legacy and IHT paranoia was so strong and they appear pretty reluctant to spend much in these go~go years to let the DC SIPPs hopefully roll up.

Now we just have to wait, speculate and enjoy the media and YouTube posts before the next budget in October.

I'm on the verge of doing another(last one) annuity, but currently thinking I'll await the budget and decide then as to what I do with my remaining DC SIPP.

I've got the popcorn and coke all ready.