Should we cash pensions in .....

[bobk]

At least the 25% tax free bit , big rumours Labour will raid the pots

 

[capfits]

At least the 25% tax free bit , big rumours Labour will raid the pots

Source
One R Sunak I presume.
Big rumour or a big fib?

 

[bobk]

Source
One R Sunak I presume.
Big rumour or a big fib?

They have history ....

 

[Still Farming]

If 55 yrs old get drawing it.
Yes you get more at 65 but you got to make 65 to start with.
You got to live even longer to get that missed 10 years of payments make up in big bigger pension.

 

[robs1]

If 55 yrs old get drawing it.
Yes you get more at 65 but you got to make 65 to start with.
You got to live even longer to get that missed 10 years of payments make up in big bigger pension.

While that is true if you are making decent profits or income you might pay 40% of it in tax

 

[Forkdriver]

If you take a draw down start a new pension.

 

[mixedfmr]

Source
One R Sunak I presume.
Big rumour or a big fib?

Blair and Brown took £118 billion last time, was one quote

 

[Still Farming]

While that is true if you are making decent profits or income you might pay 40% of it in tax

Individual circumstances apply too.

I only know as a skint, old, small farmer scenario.

 

[Johnnyboxer]

Source
One R Sunak I presume.
Big rumour or a big fib?

Scaremongering by the Tories
Watching their latest Party Political Broadcast on Monday night they are getting even more desperate to cling on
They have had 14 years
Time for a change

 

[Aspiring Peasants]

I’ve hedged my bets, and just taken half of the lump sum

 

[Aspiring Peasants]

Blair and Brown took £118 billion last time, was one quote

One of the biggest stealth taxes of all time, and responsible for starting the pension crisis

 

[Johnnyboxer]

Does it matter if your pension isn’t a’fund’ - but a DB Final Salary pension
Technically …there isn’t a fund to cash in ?

 

[Aspiring Peasants]

Does it matter if your pension isn’t a’fund’ - but a DB Final Salary pension
Technically …there isn’t a fund to cash in ?

You should be able to get a transfer value which becomes your fund, but be very careful because there can be a lot of other benefits to a Final Salary scheme that you would lose. Also look at your tax position if cashing in more than 25%

 

[Skintagain]

why wouldnt you get your 25% out? you will probably end up paying more tax in the end otherwise or worse you could die and not see it

yes it will grow on but if you use the 25% to live on you won’t need any further drawings for a while so it will grow out anyway.

 

[Aspiring Peasants]

why wouldnt you get your 25% out? you will probably end up paying more tax in the end otherwise or worse you could die and not see it

yes it will grow on but if you use the 25% to live on you won’t need any further drawings for a while so it will grow out anyway.

It’s a very efficient way of providing income because it’s tax free. However if you’re just drawing it out to reinvest then the returns will be taxed which they wouldn’t be in the pension

 

[Johnnyboxer]

You should be able to get a transfer value which becomes your fund, but be very careful because there can be a lot of other benefits to a Final Salary scheme that you would lose. Also look at your tax position if cashing in more than 25%

I thought it was hard to transfer a DB scheme, as most IFA’s would advise against it and then FCA won’t allow it based on the IFA review, saying you shouldn’t

 

[Still Farming]

Triple Lock Guarantee is a con too as most pensioners now into paying income tax again and most then EXCLUDED from gaining Pension credits and the doors that that opens for them also???

 

[renewablejohn]

Triple Lock Guarantee is a con too as most pensioners now into paying income tax again and most then EXCLUDED from gaining Pension credits and the doors that that opens for them also???

Totally agree with this. Just pleased we took out as much as we could from the pensions as early as we could otherwise we would now be really hammered for tax. What we are getting taxed is bad enough.

 

[som farmer]

took several years to build a bungalow, reason, paid for it out of my private pension, the time scale, to keep out of the 40% tax bracket.

one of my better decisions, the bungalow is worth an awful lot more than the fund would be worth now. And, if l could have rented it out, that would have been better than the pension, would have been, cannot charge son a rent !

Labour, rumour about raiding pension funds, highly likely they will, there isn't enough money to fund their 'carefully costed' promises on their manifesto. Blair and Brown did it, shafted a lot of pensions, and got away with it, without massive backfire.

a chap on the TV now, just said politicians treat us like idiots, that know nothing. And he was absolutely correct. The truth is the country is skint, and people have to realise they have to expect less 'services' from guv.

all the 'promises' will be paid for, by one of two ways, tax or borrowings, and borrowings have to be paid back, from taxes.

they will be trying to get cash, from anywhere they can, guaranteed, not certain this comment, refers just to labour !

the greens man, on TV now, is promising to keep food prices down, good luck with that, cut our profit margins anymore, it won't be worth doing. Feck that, had enough of buying inputs at todays inflated prices, and selling at 1980's prices.

the whole 'system' of society, in the UK is broken, it no longer works, the 'cost of living crisis', is not really a crisis, its the new normal.

 

[SilliamWhale]

There is something weird about the triple lock you have to admit.

The idea of the state paying a pension to people who may potentially earn thousands from investments etc

It's not true to say national insurance pays for the pension because it doesn't really