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Minimum private pension age raised to 57 for anyone 47 or under


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The discussion thread is below in the investments forum; I wished to flag it up for anyone who doesn't venture away from the main forum in case anyone here of that age of younger has predicated their

A further thing about this that infuriates me is that these provisions have been paid for by the individual, alongside state pensions through the massive tax and ni take. Yet government chooses to con

Bunch of utter fucking cunt bastards. 

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1 minute ago, Frank Hovis said:

The discussion thread is below in the investments forum; I wished to flag it up for anyone who doesn't venture away from the main forum in case anyone here of that age of younger has predicated their retirement upon being able to take their private pension / SIPP at 55.

 

 

I really don’t understand how this is the business of government. It’s about PRIVATE pensions so surely, it’s whatever is written in the contract between the pension provider and customer. I can’t see how government are able to unilaterally change the terms. 

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9 minutes ago, One percent said:

I really don’t understand how this is the business of government. It’s about PRIVATE pensions so surely, it’s whatever is written in the contract between the pension provider and customer. I can’t see how government are able to unilaterally change the terms. 

It is the tax situation.

I'd presume that they'd allow you to do whatever you like, so long as you pay the taxes that they define.  They're just changing the tax point from 55 to 57.

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6 minutes ago, dgul said:

It is the tax situation.

I'd presume that they'd allow you to do whatever you like, so long as you pay the taxes that they define.  They're just changing the tax point from 55 to 57.

No, it means that you can't access it at all and the pension provider would be fined for allowing you to do so.

Going way back I remember there were tables for particular professions which allowed earlier pension access - jockeys, footballers - because the career ended so early.  I don't know if these still apply.

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5 minutes ago, Frank Hovis said:

No, it means that you can't access it at all and the pension provider would be fined for allowing you to do so.

Going way back I remember there were tables for particular professions which allowed earlier pension access - jockeys, footballers - because the career ended so early.  I don't know if these still apply.

It's still the tax situation though. You agree to abide by certain rules in return for beneficial tax treatment, one of those rules is that the rules can change.

A few years ago they changed significantly in the pension saver's favour iirc, in terms of being able to withdraw more (earlier?) as a lump sum with less being locked into an annuity.

Ideally the rules wouldn't change because it invalidates earlier decision-making, but I guess complete certainty is impossible ... as the Maxwell pensioners discovered.

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Going to have interesting implications.

At our place the redundancy packages have very much been based on drawing at 55.  Anyone at 50+ would be given the incentive to leave at voluntary separation time, that you can draw your pension from 55 but with an uplift to 57.  Effectively getting 2 years additional.  

This has very much meant anyone over 50 goes, with those around their late 40 's holding on knowing that waiting a couple more years will be worth the wait.  Which creates a reasonable headcount reduction  whilst also retaining the core skills/knowledge of the late 40's.  

Pushing the ability to claim out to 57 breaks this.  It will be interesting to see how the company reacts.  As at 46 there is now no incentive for me, with over 20 years pensionable service to wait until i'm 50.  

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10 minutes ago, Chewing Grass said:

One thing is certain, come financial Armageddon the public sector will be AOK whilst those who used to fund them in the private sector will be slaughtered now they can print money.

Come financial Armageddon printing won't work any more. Government salaries and stipends can't be paid out of an empty pot.

c.f. the Great Depression in the USA, when being a public employee meant you were secure ... but you were in a much smaller lifeboat with many fewer passengers.

It won't be the same next time (and the depression might be even deeper and more intractable).

Government_Revenue_and_spending_GDP.png

 

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50 minutes ago, MrLibertyRedux said:

Cheers Frank.

Thats bang on for me, 48 in January. I've always thought I was just the right age for a pension to be effectively a piece of cheese on a string. I wonder how far away it will be moved on in the coming years.

Drip. Drip. Drip.

Utter bastards.

Thankfully I'm 50 so I'm over the moat. The drawbridge can be pulled up now. 

Utter bastards. 

The first day I can get my pension I'm extracting it at the fastest rate possible. 

I'll use VCTs to receive a 30% tax rebate so as to keep as much of my pot as possible. 

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1 hour ago, One percent said:

A further thing about this that infuriates me is that these provisions have been paid for by the individual, alongside state pensions through the massive tax and ni take. Yet government chooses to continually raise the pension age.  
 

yet at the same time, they are willing to use taxpayer money on both lard arses to sit around being bad parents and to support anyone from anywhere who rocks up. It is both unjust and insane. 

The problem is most people don't take their pension seriously, I didn't until the last five years....they look on it as a bonus/addition to their salary rather than part of it...and the pension company isn't going to argue about the government moving the `goal posts` if its to their advantage either.

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57 minutes ago, MrLibertyRedux said:

Cheers Frank.

Thats bang on for me, 48 in January. I've always thought I was just the right age for a pension to be effectively a piece of cheese on a string. I wonder how far away it will be moved on in the coming years.

Drip. Drip. Drip.

Utter bastards.

Yet it will be worse still for those who come after you.  At 48 this should be the last change for you.

Assuming we live to the same age I will be given one more year's state pension than my deputy simply because I'm a couple of years older than her. 

It's hardly fair especially as life expectancy is dropping.  

 

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1 hour ago, One percent said:

A further thing about this that infuriates me is that these provisions have been paid for by the individual, alongside state pensions through the massive tax and ni take. Yet government chooses to continually raise the pension age.  
 

yet at the same time, they are willing to use taxpayer money on both lard arses to sit around being bad parents and to support anyone from anywhere who rocks up. It is both unjust and insane. 

I empathise with your frustration which is why a) I am going to retire early, and b) ensure I pay as little tax as possible through restricting my purchases.

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58 minutes ago, MrLibertyRedux said:

Cheers Frank.

Thats bang on for me, 48 in January. I've always thought I was just the right age for a pension to be effectively a piece of cheese on a string. I wonder how far away it will be moved on in the coming years.

Drip. Drip. Drip.

Utter bastards.

I will give until the budget next April and all NI contributions will be the same as PAYE across all forms of employment /payment methods 

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6 minutes ago, Frank Hovis said:

It's hardly fair especially as life expectancy is dropping.  

Shhh, you can't say that, it goes against BBs narrative, plus everyone forgets Women live Longer than Men and contribute less for the same State Pension as well now everyone is equal.

Edited by Chewing Grass
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2 minutes ago, Carcassion said:

Not saying I'm happy about it but it's hardly a surprise the private pension age was going to remain 10 years less than the state pension age :S

But it's your money; it doesn't cost the government anything to let you have it at 55 because they're not paying it to you.  They'll even get a tax take from it.

The ten year gap was entirely arbitrary but they hoped that people would come out with your response of just shrugging.

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11 minutes ago, Frank Hovis said:

But it's your money; it doesn't cost the government anything to let you have it at 55 because they're not paying it to you.  They'll even get a tax take from it.

The ten year gap was entirely arbitrary but they hoped that people would come out with your response of just shrugging.

I thought at one time they may even lower it, perhaps keeping that in their back pocket for another time, but giving millions access to their 25% tax free lump sums early could dig the economy and housing market out of a hole.

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