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?

Stop the world. The expert, economists who warn against this for good reason which is why it won’t be and hasn’t ever been done: don’t worry RR the expert economists from MN are here to save the day. 🤣

Why not? Go back a bit further and look at what the Attlee government achieved in an economy much worse than this one.

Because higher rate taxpayers in the public sector (where I suspect you worked) get very large pension contributions, much larger than the equivalent in the private sector. So they will have to pay a lot more tax which heavily unionized public sector workers will not like

Haha don't ask me about Reeves

I can see people are going in strong with the don't expect it, which I don't actually agree with, and I'm wondering what system they envisage instead

Well, no, I’d rather like a large arm of experienced officials at the Treasury to come up with options to be considered by our elected politicians. Funnily enough I don’t think any random mumsnetter should be leading what could be one of the biggest social changes in a generation.

That isn't the same as what you said though.

I'm not going to argue with you anymore because you lack comprehension skills.

Please correct me if I’m wrong but do you think tax relief applies to employers’ contributions in the public sector? Because if you do you’re wrong.

Well it's easy to say 'needs a rethink' and 'no you're not getting your state pension'. Indeed far harder to get over that in reality

There are many posters taking the piss. Do you not realise people are just scared and vulnerable to rumour. The new government has not exactly been reassuring so far, so there are many people who feel under imminent threat.

Just because you support Labour and believe they would not make a nasty rumour a reality, you have no more reason to claim you are correct than people who think they might indeed carry out the rumoured policy.

Rumours may or may not be true. Doesn't entitled you to mock or accuse fabrication if they go against your opinion.

What a coincidence the unite union boss has just been saying on sky we don't want austerity mark 11.

Sorry but rumours are rumours. This OP knows that and is feeding on people's fears. There's no basis to any of their posts.

Not how it works. No one working in the public sector is contributing financially to the treasury with income tax on wages paid by the taxpayers. They are be beneficiaries from the taxpayer not contributors

It's my personal fear. I thought MN was a forum where we could share and discuss our thoughts?

The brutal low level cut off of the fuel allowance has rightly put people on notice. If labour of all parties can come after vulnerable pensioners, who next.

I think most of us agree removing the allowances for truly wealthy pensioners is not a bad thing but the low bar of the cut off is a disgrace.

Why not? This government don’t want to achieve this. Their slogan of ‘change’ didn’t mean opening up all the Surestart centres again, it meant changing the country from really shit to absolutely really shit!

The limit on contributions is currently your total salary. Earning 30k, you can contribute 30k to your pension (up to the annual limit of 60k).

I doubt unmarried couples would do that but if you are married, typically pensions are split between you upon divorce

It does, yes. And I’m not wrong. Employees in the public sector are not taxed on the employer or employee contributions to their pensions. As these contributions make up around 30% at least of their salary, this would be a substantial tax burden if they had to pay it.

Rumours are put out by politicians all the time, with an intent to test the public response. Gives them plausible deniability if the idea goes down like a cup of cold sick. Anything that goes down well with voters, they bring in and take the credit.

I was responding to your comment on life expectancy of 70 in the 1960s! Which was responding to a pp saying life expectancy at the time state pensions started was 65! So life expectancy of 70 in 1960 isn’t relevant to what was expected when the state pension started in 1909. So what was your point ?

It’s exactly how it works. The “contribution” you so casually write off from public service workers is the service that benefits you - your children’s education and healthcare, your NHS births, police, fire service.

@Wingingit11 the 25% discount won't be scrapped. It is a rumour.

As I keep saying, scrapping the discount in England whilst it is retained in Wales and Scotland would be a massive political disaster. It would make make "Keir's Gear" 🙄and the WFA debacle look like minor blips.

I am 99% certain it won't happen

Aw bless. Maybe just have a cup of tea and watch strictly.

Well. Yes. Wasn’t my point that this is hard and complex?

And you’ve jumped from me saying “it is just not sustainable in the long term in its current format” to “no you're not getting your state pension” which is a leap so fantastical that perhaps you have the magic touch to find the answer.

They are also put out by opposition parties to spark fear.

I wonder who made Keir go on about 'pain' and 'difficult decisons'