Farmers private pensions

[BrianV]

Starmer on the radio this morning admitting the 25% tax free pension withdrawal will end in two years, worth taking into account if you have a private pension.

He's on the BBC radio 5 live now this morning ( Nicky Campbell if you go on sounds you can rewind to 9.22) & a listener asked if it would continue under Labour, he blustered didn't want to answer & after a lot of pushing admitted that when the term ends in two years it wouldn't be carried on, he really didn't want to answer.

 

[teslacoils]

Seems reasonable. You get good tax relief putting it into a pension already.

 

[nelly55]

Starmer on the radio this morning admitting the 25% tax free pension withdrawal will end in two years, worth taking into account if you have a private pension.

He's on the BBC radio 5 live now this morning ( Nicky Campbell if you go on sounds you can rewind to 9.22) & a listener asked if it would continue under Labour, he blustered didn't want to answer & after a lot of pushing admitted that when the term ends in two years it wouldn't be carried on, he really didn't want to answer.

Afraid my temper went up when he started on about landlords,That’s my part of my pension pot ,the other a DB pension.He wants easy money and will hit CG,Pensions,and anything else thats easy to tax quickly including investments that you thought were safe.He cannot give straight answers to tax at all.

 

[BrianV]

Seems reasonable. You get good tax relief putting it into a pension already.

And you will still be taxed on the remaining 75% so you will be taxed twice on your savings.

 

[Nearly]

So a friend who cashed her workplace pension lump sum in and paid her daughter's school fees up front for 6 years is onto a double winner.

 

[BrianV]

Starmers a total lying moron, he's on about giving total respect & making it easier for men identifying as women but without having an op but also having total access to all women's spaces but that he will also be sure to protect women.

 

[Still Farming]

Seems reasonable. You get good tax relief putting it into a pension already.

Taxed all ways don't you worry.

 

[BrianV]

Starmer interview this morning.
BBC radio 5 live listen at 22.22 pensions
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[teslacoils]

And you will still be taxed on the remaining 75% so you will be taxed twice on your savings.

Tax relief putting it in. Tax relief while it grows. Got to be taxed at some point.

 

[chipchap]

If the socialists keep on there will be nobody left in Blighty that aspires to earn more than about £35K.

It just won’t be worth the sweat.

 

[BrianV]

Tax relief putting it in. Tax relief while it grows. Got to be taxed at some point.

Can see why houses are a far better option, rent it out while you are young, live in it when you retire for 6 months, sell it as your main residence tax free, move back into your original house to retire in with a good lump sum to do with as you wish.

 

[serf]

Starmer on the radio this morning admitting the 25% tax free pension withdrawal will end in two years, worth taking into account if you have a private pension.

He's on the BBC radio 5 live now this morning ( Nicky Campbell if you go on sounds you can rewind to 9.22) & a listener asked if it would continue under Labour, he blustered didn't want to answer & after a lot of pushing admitted that when the term ends in two years it wouldn't be carried on, he really didn't want to answer.

Don't know for sure but briefly heard something on the news about a clarification on a earlier interview he done ( presume it's the one you mentioned ) so whether he has back tracked on what he said already cos it scared the horses I don't know

 

[BrianV]

Don't know for sure but briefly heard something on the news about a clarification on a earlier interview he done ( presume it's the one you mentioned ) so whether he has back tracked on what he said already cos it scared the horses I don't know

It was a quickly released answer from Labour HQ that said "oh no he wasn't really talking about pensions he meant other taxes" yea right!!! Wouldn't want everyone suddenly cashing them in would we?

 

[Derrick Hughes]

Dad say the best pension is land

 

[BrianV]

Dad say the best pension is land

Maybe, but as we farmers never retire we rarely cash it in.

 

[teslacoils]

Dad say the best pension is land

I suppose the question is, should it be bought inside a private pension wrapper?

 

[serf]

Maybe, but as we farmers never retire we rarely cash it in.

So labour will get around That "obstacle" by taxing ownership probably ...

 

[Ffermer Bach]

Tax relief putting it in. Tax relief while it grows. Got to be taxed at some point.

Why? There are already limits to how much can be in a pension. All pension saving helps stop the aged relying on the state for support. The real bear in the wood pile is the amount it's already going to cost us as taxpayers to service the government employee's defined benefit pension schemes. I don't think people in the private sector realise how much they are promising to pay public sector employees in the future (when they already get a more than competitive wage).

 

[Stw88]

Dad say the best pension is land

Apart from the tax and agents and solicitors fees you would have to pay. Be lucky if you banked half of its value. What its worth and how much you bank are totally different things. Especially if you have paid interest on a loan. Doesn’t take long for interest to add up to over a million on buying a farm.

 

[Ffermer Bach]

Apart from the tax and agents and solicitors fees you would have to pay. Be lucky if you banked half of its value. What its worth and how much you bank are totally different things. Especially if you have paid interest on a loan. Doesn’t take long for interest to add up to over a million on buying a farm.

Land could be a good part of a retirement portfolio mix, but it gives a very small income relative to it's value, even if' it's value is rising more than underlaying inflation the income is relatively modest. Unless you have oodles of dosh and wish to use land as a way of passing it down through the generations without tax (at the moment, watch this space!).