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?

I doubt very much that this will happen as, after the fall out from the heating allowance, there would likely be civil unrest.
IMO this government is already on shaky ground as it is. 😒

A lot of peoples private pension isn’t more than the state pension. Maybe in your world it is though

Oh, absolutely - exceptions for mini baby bells, dairylea, and any cheese slice with a day glo colour. I can’t find the link, though. Trust me.

The Australian system is not a reasonable comparator. Employers have been forced to make decent contributions to private pensions as part of salaries for decades, so the state pension is really there for people who for whatever reason didn't participate in that. It's needs based not contribution based.
A change like making the system here means tested would need to be phased in over decades. More likely retirement age will be increased, tax breaks reduced and also getting rid of NI and having it all as income tax so increasing tax rates on wealthier pensioners IMO.

Oh it will they will swoop in while where all protesting the cheese ban they have it all planned out while their all sat in their comfy offices having their cheese toasties #saveourcheese

For the broadest shoulders like those pensioners on basic state pension

getting rid of NI and having it all as income tax so increasing tax rates on wealthier pensioners

It wouldn’t just be wealthy pensioners unless the tax threshold was raised by a considerable amount.

Not now, but in 20 years time I bet it will be means tested, regardless of whose in power, and probably 70 yrs plus!
I’m 45 and I recall an A level teacher saying “there will be no state pension for you lot…”

@RightOh9oo Maybe means testing will be introduced but not for decades and probably not for anyone currently working and paying NI. This government won't introduce it. I don't think you need to worry.

I wish Labour would just publish the sodding budget to put a stop to all the daft rumours.

To get an equivalent pension to the government's 12,750, or whatever it will be soon as I estimate that you'd need to save more than 300k in your private pension.(Based on a annual return of approx 4% on a pot of 300k).

I don't have this amount in my private pension yet, do you?

Will you not need the state pension when you retire? I certainly will.

I’m 71 and remember one of my aunts saying the same in 1960 something. Scaremongering is as old as Methuselah.

Op we've moved on as you can't show any evidence to back up your claims so now where talking about the cheese ban as that is real I have sauces above to prove it

Yeah, they were saying it in the70s, 80s and 90s.

BTW the rumours about pensioners and cheese are not quite accurate.

What is going to happen is that Starmer is going to send all the pensioners to the moon on one of Musk's rockets.

The moon is made of cheese, as we all know. The pensioners will still be able to eat cheese. But nothing else.

#LetThemEatCheese

It’s not free money, it’s paid through taxes. Many of us have paid directly to top up the eligible years to get the minimum years for a state pension.

I dont think means testing will work, it sort of tears up the social contract.

I think it will be pushed to 70 and then the value will be eroded somewhat by ending the triple lock, and then pension credit/or some new benefit will be added that is means tested. So everyone gets a state pension and then the other benefit will reduce on a sliding scale.

I've read on SM that this as a possibility being talked about by Labour but I didn't take it too seriously.

Many of us have paid directly to top up the eligible years to get the minimum years for a state pension.

Many of us haven’t because we’ve worked more than enough years - 46 in my case.

Farage will save us all, surely?

🤣

Taking back our cheese.

Surely Labour are going to eat all the cats and dogs, and maybe a few cute little bunnies as well.

Well done for having a full bill of health for 46 years.

It is no coincidence that one of his nicknames is Fromage.

Rachel Reeves probably does.

Maybe…but I think anyone under 50 ought to be mindful that it might not be there for their own retirement.
Didn’t people only live till 60/65 on average when the state pension was introduced? Now it’s 80 something…and an ever aging population/decreasing working population. Something’s got to give eventually.