Oh Dear

Torsten's thread on the pension announcement pretty much covers all the bases on it...

https://x.com/TorstenBell/status/1795201375212654659

 

Ben Chu's is a good explainer too...

https://x.com/BenChu_/status/1795206142504685772

 

You might want to check, but I don’t believe pension credit is subject to tax.

 

That is correct as far as I know

 

State Pension is deducted from Personal Allowance so if you have an additional source of income you pay additional tax on that when State Pension rises.
So State Pension IS subject to tax, through the back door.

 

Yes

 

Farage at it again.

https://x.com/GBNEWS/status/1795386409655627882?t=65fxGQlximxNpe6WCkwtQg&s=19

 

Odious man followed by people who are either odious themselves or too thick to delve into the issues he uses to sow division.

 

When my state pension goes up,my pit pension is taxed more

 

You shouldnt have eaten so much avocado toast ;-)

 

I’m in the same boat with my works pension.
Govt gave us a 10% rise but that only meant I paid more in tax.
So the 10% rise in income meant only a 5%rise in my pocket.

 

Thanks both; I'll bear this in mind when sorting out his tax affairs. ( Is it bear or bare?)

 

This. Stop giving him air time.

 

It’s Behr as in Dani ….. !!!!

 

Very true

 

Ditto

 

That's the trouble with annuity or works pensions mate. Fortunately (for me personally. Others may choose differently and take an annuity) I was able to take mine under the flexi Draw down scheme.
When the state pension rose I was able to reduce my taxable pot (crystalised) amount to the level of personal allowance. And increased my tax free sum to compensate. I did not take all my available tax free lump sum in one go. (Uncrystalised) it's still not perfect. And I take a risk of it crashing as often it does. (Covid and War in ukraine being examples, recovering over time)
The risks are most personal pensions nowadays run by employers, are stakeholder schemes and are tied to stocks and shares. ( you can choose your own risk and if you wish you can go down the ethical route choosing to opt out of companies you may not feel comfortable with. Eg Oil. ). So are reliant on the market. No guarantees. (That I'm aware of)
Another plus. The pots do not die with me. So none of the usual 50% widows reduction. And if we both croak it b4 we are 75. The pots go to next of kin. Tax free. Taxable if we live beyond 75.

 

Sorry it’s from that rag. It is a screenshot though so no extra click revenue.



Yesterday, Labour posted a video of a young England player (forgot who now) scoring a goal and then said he would have been on National Service instead. Today, we get this. I mean, I love football, obviously, but do they really think this one exception is the most important one that could exist? Young carers still have to do it, those with full time jobs have to do it, those training to be nurses have to do it, it’s unclear if internationals from the other home nations have to do it, but 18 years old England players apparently won’t.