Concerned that Labour govt might fleece me in upcoming budget?

[RightOh9oo]

Aibu to be concerned that Labour government might fleece myself/family in the next budget?

If they remove the right to UK pension for all, by making it means tested....I think I'll stop working this year. I'm early 50s, does anyone else feel like this?

I'm going without so much to save in my private pension, so no holidays to speak of.

Does anyone know what is in store in the upcoming budget?

Where did you hear this information? It sounds totally implausible that state pension will be means tested. And even if it is, surely your private pension is worth a lot more so I don't see how stoping work is beneficial in any way.

If Labour means test state pension their feet won’t touch the floor on the way out of the commons.

If they remove the right to UK pension for all, by making it means tested....

Never heard this one.

Can you post a link OP?

Look at the Australia model where this has already happened.

Why have you invented this? Have you any credible source for your fantasy pension idea?

I'd sooner look at a UK link from the OP.

They can't post a link because they have got mixed up - HTH

I'll be Fuming as I've Got Full Stamp

Where's My Money gone

They Wont dare to try surely?

I think it’s more likely that they would accelerate the increase in pension age to 68 than make it means tested tbh.

IMHO things that are more likely to be in the budget are increases in capital gains tax, decrease in tax relief for pension contributions and changes to council tax/property taxes.

Australia's state pension, also known as the Age Pension, is a non-contributory, publicly funded retirement income system. It's the main pillar of Australia's retirement income system, and is often combined with other sources of income, such as superannuation, savings, and investments.

To be eligible for the Age Pension, you must: Be an Australian resident, Be 67 years or older, and Pass an income and assets test.

The amount you receive depends on your income and assets, and whether you're single or in a couple. For example, as of September 2024, the maximum weekly rate for a single person is $1,144.40, and the maximum weekly rate for a couple is $1,725.20.

You can use the Services Australia website to learn more about the Age Pension, including how to claim it, and to set up a nominee arrangement

This is the Australian system if anyone is interested.

I would be in favour of removing the triple lock.

Means testing pensions you have just made up though

Scaremongering ... not a chance, there would be public disorder on a grand scale

Is this weird capitalisation a bot thing?

This. No one will ever vote for them ever again.

The OP can’t provide evidence that this is being considered so I wouldn’t get yourself worked up. That said, your pension contributions haven’t gone into a pot, they pay the pensions of current and previous pensioners. That’s where it’s “gone”

New Zealand tried to introduce means testing and couldn't get it through as the backlash was so enormous.

I've never voted Labour but this is just getting silly now, let's just wait until after the budget. There's no point worrying about things that are unlikely to happen.

Why are you so selfish? ‘I might get expected free money taken away so I’ll stop working to make sure I get free money’
A private pension is worth a lot more than the state pension so you’d be very silly to stop working and end up with a smaller private pension. But you stop working, claim money and live of 10K a year because then you’ve protected ‘your’ state pension. You better sell your house and get rid of any savings and other assets as they’ll all contribute to your supposed means tested pension too. I hope you enjoy your sub standard of living for the next 15 or so years, I’m sure it is worth it to claim a few thousand a year when you’re 68.

https://www.taxresearch.org.uk/Blog/2024/09/17/77750/

This might be where OP has got her info from. The twitter post on this link

Do you have a source for this, OP?
As without it it's just scare mongering nonsense.

Exactly.

And how is anyone on Mumsnet going to know what's in the upcoming budget anyway?

And Your Money doesn't Go into Your Own personal Pot.

You Fund the Pensions of those who went before You.

Yeah, just make up a load of nonsense and then get worried about it. Peak mumsnet.

1144AUD is £585! Per week! I'm retired now but I didn't even earn nearly that amount when I was working.

Very interesting, thank you.