keitha
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Post by keitha on Jan 7, 2023 14:50:07 GMT
I see that there is a lot of rubbish being spouted.
Suggestions
Anyone with total assets including property and pension pot gets nothing, erm they paid in for years and get nothing, again the nonsense of A works and buys a house and pays into the pension they get nothing back B works for the same company but rents by choice and instead of paying into the pension spends that money on holidays that is completely unfair. Many GPs Civil servants etc have a pension pot of nearly £1 million you don't need a very big pot together with a property to hit a million.
Youngsters are paying for pensioners to get a good pension, has always been the case, as I saw it the deal was pay in now get back later.
The State Pension is too high, apart from the obvious it's one of the worst in the developed world, the full state pension next year will be £10,600, yet we are being told in the press that Firefighter, Nurses etc on £30,000 "need" to use foodbanks. even after deducting Tax NI and pension contributions they are still on over twice what pensioners get.
So my radical suggestions
NI becomes payable on Pensions at the same rate as employees, I have no issue with paying a little more of my income to the Government for the good of the Country.
FTIW I will pay £180 of my state pension every month in tax ( as will many of you and some perhaps even more )
The Tax free allowance needs to be looked at, from April 2023 anyone with a private pension more than £40 a week falls into income tax
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agent69
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Post by agent69 on Jan 7, 2023 15:55:39 GMT
I see that there is a lot of rubbish being spouted. Suggestions Anyone with total assets including property and pension pot gets nothing, erm they paid in for years and get nothing, again the nonsense of A works and buys a house and pays into the pension they get nothing back B works for the same company but rents by choice and instead of paying into the pension spends that money on holidays that is completely unfair. Many GPs Civil servants etc have a pension pot of nearly £1 million you don't need a very big pot together with a property to hit a million. Youngsters are paying for pensioners to get a good pension, has always been the case, as I saw it the deal was pay in now get back later. The State Pension is too high, apart from the obvious it's one of the worst in the developed world, the full state pension next year will be £10,600, yet we are being told in the press that Firefighter, Nurses etc on £30,000 "need" to use foodbanks. even after deducting Tax NI and pension contributions they are still on over twice what pensioners get. So my radical suggestions NI becomes payable on Pensions at the same rate as employees, I have no issue with paying a little more of my income to the Government for the good of the Country. FTIW I will pay £180 of my state pension every month in tax ( as will many of you and some perhaps even more ) The Tax free allowance needs to be looked at, from April 2023 anyone with a private pension more than £40 a week falls into income tax The state pension is the first place that your tax allowance goes, so if you are paying tax on it then either:
- your pension is higher that the full value (in my day the top up was called SERPS), or
- you have benefits that reduce your personal allowance.
I have 3 pensions (state, DB and DC) and it is annoying to have to pay tax on them, but that's life.
The likelihood of any government changing things (like making pensions means tested) is non-existent. Pensioners are cantankerous b*st*rds who have a nasty habit of turning up to vote at elections. Alienate them at your peril.
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keitha
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Post by keitha on Jan 7, 2023 16:16:47 GMT
OK miss wordedm the reality is when I get my State pension then I will pay more tax on my private pension.
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Post by Deleted on Jan 7, 2023 16:45:15 GMT
paying tax on income..... who knew
if you are going to get angry, why not think about these two daft ideas
pay tax on income and then pay tax on expenditure (VAT) or pay tax on income and pay tax on capital gain.
if the UK actually had a few core businesses that make money we might drop one of these double attacks
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adrianc
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Post by adrianc on Jan 7, 2023 18:28:53 GMT
OK miss wordedm the reality is when I get my State pension then I will pay more tax on my private pension. Well, yeh, because you'll have more income. That's how income tax works. Earn more, pay more income tax. Is this news to you?
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keitha
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Post by keitha on Jan 7, 2023 19:35:26 GMT
Nope, what I'm saying is a big chunk goes back in tax, I will get £200 a week but will pay £40 back in tax, and I have no problem with that.
But some of the people who see pensions as being free don't realise that when you pay NI it's on money that is taxed ( Unlike a lot of personal pensions where you get tax relief on contributions )
it also seems that some people think their NI is going into an individual pension pot, I even saw someone claiming he'd paid an average of £40,000 a year in NI for 50 years and is only getting a "pathetic £8,000 a year" out. you'd need a a huge salary to pay £40,000 a year, and it seems quite a lot of people think that NI is only to pay for your pension
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keitha
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Post by keitha on Jan 7, 2023 19:39:09 GMT
paying tax on income..... who knew
if you are going to get angry, why not think about these two daft ideas
pay tax on income and then pay tax on expenditure (VAT) or pay tax on income and pay tax on capital gain.
if the UK actually had a few core businesses that make money we might drop one of these double attacks
lol triple earn money pay tax, buy stuff pay VAT, Sell same item later pay capital gains, put that money in the bank pay tax on the interest, die and the family pay inheritance tax on it
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adrianc
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Post by adrianc on Jan 7, 2023 19:42:59 GMT
Nope, what I'm saying is a big chunk goes back in tax You seem to expect a state pension to somehow be treated differently or separately to other income. It's not. It's treated exactly the same. Then what's this thread about?
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keitha
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Post by keitha on Jan 7, 2023 19:44:59 GMT
lol read the first post
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adrianc
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Post by adrianc on Jan 7, 2023 19:48:36 GMT
I did. First you're "angry" about state pension being taxed the same as other income, then you have "no problem" with it. I'm confused.
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Post by bernythedolt on Jan 7, 2023 19:57:05 GMT
I see that there is a lot of rubbish being spouted. Suggestions Anyone with total assets including property and pension pot gets nothing, erm they paid in for years and get nothing, again the nonsense of A works and buys a house and pays into the pension they get nothing back B works for the same company but rents by choice and instead of paying into the pension spends that money on holidays that is completely unfair. Many GPs Civil servants etc have a pension pot of nearly £1 million you don't need a very big pot together with a property to hit a million. I suspect relatively VERY few Civil Servants have a pension pot of nearly £1m. Do you have a source for that? The average CS pension is surprisingly low in fact.
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adrianc
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Post by adrianc on Jan 7, 2023 20:03:39 GMT
I suspect somebody thinks that "civil servants" are all Sir Humphrey, rather than Sharon behind the counter at the Job Centre.
I also suspect somebody has forgotten that almost all GPs are employed by private businesses under contract to the NHS, and have been since 1949.
I'll definitely have to tell that "GPs have £1m pension pots" to our newly-retired GP mate up the road. He'll be highly amused.
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keitha
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Post by keitha on Jan 7, 2023 20:17:11 GMT
I wasn't a high flyer
I took over £100,000 as a lump sum and a pension of £20,000 a year, so if I live to 80 I will draw my pension for 20+ years
so I will draw £500,000 so I would guess my share of the overall pot is about £400,000
Add in an average house @ £300,000 and a few shares etc the £1 Million that makes you rich isn't actually that hard to hit.
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Post by Badly Drawn Stickman on Jan 7, 2023 20:41:37 GMT
I suspect somebody thinks that "civil servants" are all Sir Humphrey, rather than Sharon behind the counter at the Job Centre. I also suspect somebody has forgotten that almost all GPs are employed by private businesses under contract to the NHS, and have been since 1949. I'll definitely have to tell that "GPs have £1m pension pots" to our newly-retired GP mate up the road. He'll be highly amused. So is Sharon the Miss Wordedm mentioned earlier in the thread? Or are people just inventing characters to suit the narrative?
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travolta
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Post by travolta on Jan 7, 2023 21:02:49 GMT
I suspect somebody thinks that "civil servants" are all Sir Humphrey, rather than Sharon behind the counter at the Job Centre. I also suspect somebody has forgotten that almost all GPs are employed by private businesses under contract to the NHS, and have been since 1949. I'll definitely have to tell that "GPs have £1m pension pots" to our newly-retired GP mate up the road. He'll be highly amused. So is Sharon the Miss Wordedm mentioned earlier in the thread? Or are people just inventing characters to suit the narrative? Amazingly my youngest son's mother in law is named Sharon and she manages the Job Centre in a well known town in Rhondda Cynon Taff. No, she is not high earner and a lovely hardworking lady for whom I have great respect.
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