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?

They’re something entirely different.

Yet…

But even so, the mandatory employee contribution would be £5586pa on that salary, so an extra £50 - £100ish to pay per month if tax relief was cut.

I thought life expectancy was now retreating. Obesity and poor health with reduce it back to pre war levels.
If they push up pension age but life expectancy goes back down it will meet where it originally was surely?

So most people could just salsac and avoid any restriction?

What’s your point on the taxation of this?

We stopped paying voluntary contributions for me a while a good while ago - I absolutely believe state pension should be for all….but neither I nor dh have faith it’ll be there in 20 years… what would be really great to know would be the opt out incentive if you have private health (through occupation), pay school fees (from your salary) and afford your own pension…. WTF do we bother?! And darling Kier & cronies will never have to bother as they get civil servant pensions & the joy of post office speaking engagement fees🙄

OP,

Where did your fear that Labour will do this come from? If you could give us a source, which you haven’t done yet, we could engage with you. I would disagree, but I would engage and I would probably sympathise.

In the absence of a source, you must know that what PP are saying is true: if Labour tried to do this it would be decades before they saw power again.

Meanwhile, I am all too aware that hostile governments are attempting to destabilise the major Western democracies, specifically Ukraine’s strongest allies. And here you are, posting an unfounded rumour in a new user name. If you cannot give us a reasonable source for your concerns I think YABVVVU

I would rather contribute than not. I don't care. The Tories have left us in the weeds

I didn’t make the point but… You have to be extremely careful on the taxation of defined benefit pensions as NHS doctors will simply walk out if they are taxed too harshly.

The whole reason the lifetime allowance was abolished and the annual limit was increased to 60k was because doctors were retiring early or refusing to work additional shifts because the pension tax was crippling them financially.

If there was a flat 30% and doctors had to pay the difference in tax bill out of their salary then it would be game over for the NHS.

Yep, unless there’s something put in place to stop that.

Would be extremely tricky legislation to write, though.

Any serving government minister should be required to pay retrospectively in tax, for any tax change they bring in. So Starmer should be required to pay the VAT on the school fees and any bursaries he received, obviously increased for inflation, plus interest (at student loans obscene rates) and late payment interest and penalties applied.

Ang should pay CGT on her old council house at the new rates they are threatening to bring in, plus pay back the discount she got on purchase of it (plus RPI etc) and remove any PPR relief.

Probably does. I am also offended given my monthly tax bill is well over 2k!

People are going to make this happen asking for this so much. It should not happened but nothing would surprised me anymore. Some people because of the high cost of living do not have private pension. This is one of the worse civilised countries to live where you work like a dog for nothing but survival. It is disgusting.

We don’t have retrospective taxation. That’s an incredibly vindictive idea.

Totally agree. I hate this country and government. I thought the last shower were a disgrace but the amount of fear and uncertainty this shower of sxxx have subjected us to is unforgivable.

Vindictive is what a previous poster said…. But I’d say reap what you’ve sown?!!! I think they have it right… you’ve significantly benefited from it?… you pay the price you expect others to🤷🏼‍♀️

I think they will just keep moving the age out

But there are people that pay pay in and never get their pension. Those that die before pension age and those that only work for a few years in the uk. Also if people are working for longer then 68/70 dementia needs to be seriously looked at because it’s pretty much an epidemic from what Îm seeing around me.

Yes I and many others would probably just revert to working independently as contractors in the private sector or for ISTCs instead as there would be no point staying in the NHS.

Australia means tests pensions. It could happen here too as the UK seems to be heading towards bankruptcy thanks to previous Tory and labour administrations not having a fucking clue how to run an economy.

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.

This but people don’t want to hear it.

What about if you didn’t benefit? I paid 33% basic rate tax when I started work, can I have a rebate in your bonkers world?

@Rhayader has a point, the shifting demographics are making it unsustainable

CS Pensions are a 'plague' on working people and one of the least deserved benefits paid for by the tax payer, The whole pay, T&Cs and structure of the CS needs reform before any reforms to the NHS.

At a guesstimate I suggest that for the cost of every overpaid CS 'worker' there's at least 3 underpaid NHS workers producing more.

But which worker is currently entitled to better in-work benefits - it doesn't eally matter to the low-paid private sector worker as they only get the legal minimum of anything - yet still pay the same taxes as anyone else.

The Australian model is different, they don't specifically pay into a pension like we do with NI. It's a means tested benefit over there.