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Planned tax raid on private pensions by the government

279 replies

Oldbean1965 · 22/08/2024 08:59

I have read a few articles about how the government plans to raid private pensions in their budgets in order to raise money. Of course it could all be stirring by the media.
How could they get their hands on our private pension money? We'll pay tax on it when we start receiving it anyway, which galls me as it's our savings. Why should you pay tax on money you've already been taxed on throughout your working life and saved?
I hate this government already, but the previous government were a shit show too 😡

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StMarieforme · 24/08/2024 21:37

GingerPirate · 22/08/2024 10:04

Well ...you guys who voted for the Comrades (presumably out of anger and frustration), you have what you democratically chose.
😂

Who now have to try to fill the humongous black hole that the previous administration have left the country with. So y'know, they'll have to do it via taxes whether they want to or not.

Why don't people get this?

StMarieforme · 24/08/2024 21:39

Oopsadaisy92 · 22/08/2024 10:26

They will get their money when they change the tax laws which is how they got their hands on private pensions last time they were in and how we no longer have defined benefit because they became unaffordable. They will suck the life out of this country.

Unlike the previous administration who made it a fabulous place to live?! I don't think so.

AndSoFinally · 24/08/2024 21:48

Pension pot investment growth is tax free

I wish that were true, but my AA breach tax bill would beg to differ

AndSoFinally · 24/08/2024 21:52

The change to be made though is to reduce your salary and pay more to junior doctors. I thought the limit in annual pension contributions is £40k? That’s a crazy amount for the state (and your 12.5% which is chicken feed btw. Try getting the same benefits from a DC scheme). You go into the career knowing that the pension is good, but if it’s so good it breaks the tax rules, the level of your pension needs to be reduced.

But junior doctors become senior doctors. If you reduce senior pay and give it to juniors so that the difference is less, why would anyone want the increased responsibility of becoming senior??

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