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Hermit Road 9:16 Sun Oct 11
Conservative government plan massive tax hike on pensions.

If any further proof was required that this government is a New, New Labour, rather than a Conservative one, here it is. The government plans to raise billions of pounds through a massive tax hike on pension savers. Not only is this tax rise disgraceful, but to do it on pension savers, something Gordon Brown was criticised for and an area that the Conservatives always supported, shows that Osborn and Cameron have no regard for those who save, prudently for retirement.

Still, it's them or Corbyn now, so I guess they can do whatever they want.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11923158/Government-planning-7bn-assault-on-gold-plated-final-salary-pension-schemes.html

SurfaceAgentX2Zero 9:32 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Did you actually read the article?

It's got fuck all to do with 'those who save' and everything to do with public sector workers with their noses in the state trough.

mentor 9:38 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Thank fuck I don't have a pension.

AfM 9:43 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Hardly, Hermit.

This is targeting public sector workers, Doctors and Teachers.

Not a massive lurch for the Tories, that.

Hermit Road 9:51 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

I read it Surface. After reading it, what was wrong with my OP?

Sydney_Iron 10:00 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

"The Government is gearing up for a major raid on some of Britain's most generous pension schemes which could see doctors', teachers' and senior executives' retirement funds cut by more than a quarter"

Can’t see the issue here myself, seems those on very generous civil service pension schemes will have them reigned int.

It’s hardly taking it from the poor and those on low incomes is it?

ted fenton 10:12 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

I'm glad I saved for a pension :-)

It's always pissed me off seeing council workers getting a pension paid from our rates !
Should have stopped it years ago.

Hermit Road 10:19 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

That's fair enough Sydney, but the point still stands, this is a Tory government about to increase taxes by a colossal amount on people saving for a pension. Incidentally, the article points to some groups it will affect, but there are others who aren't public sector workers who it will affect too. Either way, it is a huge tax increase whether you like or dislike the people who will be paying it.

Hermit Road 10:20 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Ted, I doubt their pension was paid from your rates. More likely it was paid by their contributions every month, in the same way yours is.

Mad Dog 10:21 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

One of the perks of being a teacher is the pension.
We get paid lower than privatw workers (on average compared with people of similar qualifications). So the pension makes up for it.

I took a huge pay cut to go into teaching and am now what I was on 13 years ago in private.

Teaching is losing people left right and centre. I read somewhere that 1/3 of teachers bail within 2 years and that overall 50% are due to leave in the next 5 years.

Many subjects are struggling to attract teachers and this is hardly going to help

ted fenton 10:24 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

More than a third of council tax payments will go towards paying workers’ pension schemes within five years, a leading council finance chief has warned.

Despite recent efforts to reform pensions for local authority workers, by 2019 council taxpayers will see 34p of every pound they contribute paying pension bills, according to Chris West, executive director of resources at Coventry City Council.

http://www.thisismoney.co.uk/money/news/article-3005730/Third-council-tax-spent-staff-pensions-warns-leading-council-finance-chief.html

Hermit Road 10:26 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Ted, that's called wages. People get paid them in exchange for work they do.

Sydney_Iron 10:26 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

To be fair Hermit, if people have paid there hard earned into these funds or it was part of the package, then they have every right o be pissed off about it.

But the article does seem to suggest it was a bit of a gravy train that’s being stopped, plus I don’t know how these things work in the UK these days but these changes will be phased in over time, its not like someone about to retire is going to get a massive shock, but I could well be wrong it is the conservatives after all………….

ted fenton 10:29 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Try this one then !!!!

Council workers only contribute 25pc of the cost of their gold plated pensions

Council workers' contributions to their pensions only cover a quarter of their cost, new figure show.



http://www.telegraph.co.uk/news/politics/council-spending/9774040/Council-workers-only-contribute-25pc-of-the-cost-of-their-gold-plated-pensions.html

Sven Roeder 10:29 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Haven't read the article but presume the parliamentary pension scheme will escape all of this.

Hermit Road 10:31 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Sydney, the way it works is that if you save money for a pension, you aren't taxed on it. The advantage for the economy is that that money is available for investment for a long period of time as it can't be drawn by the person until retirement age. The advantage for the individual is that they are saving more for retirement. The advantage for the government is that people are less of a drain on the state when they are old.

The government he is proposing to raise taxes on millions of people paying into a certain type of pension. The disadvantages of this include the above, and the fact that recruitment and retention in key areas will be severely affected as Mad Dog has pointed out.

Hermit Road 10:32 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Ted, the entire contribution is part of their wage.

Sydney_Iron 10:32 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Sven Roeder 10:29 Sun Oct 11

Bang on Sven, funny how they look after themselves, Oz is no different, get elected here and bang you got an indexed pension for life........

the cunts

Sven Roeder 10:39 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

It's crazy isn't it.
Their pensions are ludicrous and have often said on here about the UK having over 600 MP's. When there is talk of public sector job cuts we never hear of reducing government to a sensible level. Have always said given modern communication etc about 100 MP's would be fine with a few more public sector workers to assist them. And not on padded pensions

The Dursley Massive 10:44 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

Don't know about other public sector pensions, but it's well known that the Teaching Pension pot has been massively in the black since it was started, and the surplus has been used to fund all sorts.

I totally understand that a pension crisis is on the way as life expectancy increases. I don't think this is a good solution though...

Hermit Road 10:46 Sun Oct 11
Re: Conservative government plan massive tax hike on pensions.

This is only going to contribute to the pension crisis because it is a disincentive to save.

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