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?

And also put out by think tanks that want to get their ideas into papers so that politicians and SpAds see them!

Whatever difficult decisions are made will be painful for someone. Would you prefer him to lie and promise unfunded tax cuts?

It's the vague rethink and having a go at people for expecting a state pension. I think they should expect it tbf

I am beginning to wonder if all these threads are being started by ardent Labour supporters?

Scare everybody witless with dire predictions. Then when the budget is actually announced, it seems like a walk in the park in comparison to all the doooooooooooom predicted.

Starmer did a whole press conference with that doom, add the ooo

No one is having a go at anyone for expecting a state pension. I, and I think several others on this thread, would like more public understanding of how the pension system works, and I’d like my children and grandchildren to get one too. I cannot understand what is in the least bit controversial about that.

The tax system we have now has massive incentives to reduce income or increase pension contributions at certain cut off levels. I don't think a net tax of 10 or 15% would stop that.

I'd favour a massive simplification of all taxes, a reduction in cliff edges that disincentivise earning above a certain level. I'd get rid of NI, enforce a certain level of pension payments for all earners and have flatter taxes. But that would entail a conversation that we don't seem willing to have- that you can't have public services at the levels people expect on current tax levels.

So why are we told to pay in missing NI contributions then to get back more state pension. We have been urged to do this.

Using 'fear' to control people is rather old hat in this day an age - just say the right things and, very pertinent to the present, wear the right clothes and...smile.

1984 has already happened.

Done!😁

Most of us work enough years for this to be unnecessary to reach the requisite 35 years.

I had to work about 45 because I was contracted out

AHH, good point, thanks for the reminder.

Because the government needs people to pay enough NI contributions today so that they can pay out pensions today. If there wasn’t a set number of years to qualify, then you wouldn’t make the extra contributions and the amount of money raised would fall.

Wtf? As an NHS health professional doing night shifts in A&E dealing with all sorts I am offended by your comment! I am being paid a salary for doing my often difficult job! Do you think we should all be working for free ?

She reckons Rachel Reeves is on here in the evenings to pass the time

I can actually see them increasing the number of qualifying years for a state pension if the aim is to get people back to work.

Well said. And thank you for doing a difficult and sometimes dangerous job.

She could be, but none of us would believe her 😁

Deputy Director for Employee Relations & Reward
HM Revenue and Customs
Apply before 11:55 pm on Monday 23rd September 2024

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Details
Reference number
368416
Salary
£76,000
A Civil Service Pension with an employer contribution of 28.97%
Job grade
SCS Pay Band 1
Contract type
Permanent
Business area
HMRC - CPO - People Design and Service
Type of role
Human Resources
Working pattern
Flexible working, Full-time
Number of jobs available
1

It will be interesting to see how the government might propose to tax their employee on the employer’s whopping great big 28.97% of salary pension contribution!

I’m not good with numbers but is that £22k towards the employee of HMRC’s pension? Imagine the tax on that, that the employee will need to cough up…

Imagine the tax on that, that the employee will need to cough up…

Employers’ contributions aren’t taxable ….

So just to say, I can’t believe Labour would be that stupid as to remove pension contribution tax relief. They’d be screwing tax payers even more (and their own employees).

And some of us are the coasting-working poor - too late to build a pension and too young to retire. To old to live with our parents as they're usually dead by now yet still young/old/responsible enough to provide a roof and home over the heads of our adult children who can't afford to move out.

Bloody marvellous - I'll live - but thinking retiring in your 50s is the norm is just plain daft to the majority because it's impossible.

You have heard of salary sacrifice pension contributions haven’t you?

Civil service pensions are not defined contribution. It’s defined benefit. The 28% or so is just the value that hmrc use for tax purposes.

You get: years worked * average salary over career / 43.

So working 43 years with an average salary of 40k would get you 40k a year pension. V v v generous by private sector standards but it is apples and oranges in terms of comparing the two.