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| Suntan Sid |
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Suntan Sid
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Joined: 07 May 2009
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 Posted: 23:14 - 19 Mar 2014  Post subject: Rolling In It? |
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Budget says, "NO MORE ANNUITIES"!
About fcukin' time!
Although this is good for me, I still think it's a cynical move to get money moving in the economy, seeing as the banks kept hold of the money the gummerment printed for them!
Predictably, the pension and insurance companies have already started sqealing, like stuck pigs, and are trying to persuade us that letting them keep our money is the best option!
They've lost £5BN off the value of shares since the announcement, diddums,  and I hope their yachts sink!
SPEND, SPEND, SPEND, as the saying goes! 
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| mentalboy |
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mentalboy
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| Posted: 23:22 - 19 Mar 2014 Post subject: |
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What is this 'pension' you speak of?  
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| krarkol |
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krarkol
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| daemonoid |
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daemonoid
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Posted: 08:09 - 20 Mar 2014  Post subject: |
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You missed it...
The chancellor has said that people can take more of their money out and only have to pay 20% tax to do so. Championing the man on the street whilst grabbing a few quid off him.
The 5bn also affects pensions! What do you think pension pots are invested in?
So he's reduced the size of your pensions whilst ever so kindly offering to let you do as you wish... So long as you pay one fifth of it over to he gov...
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current: ducati monster 750
past: hyosung gt250r, bajaj pulsar 180, hyosung gt 125 comet
@thomasgarrard | www.straitjkt.com | www.racingseven.com |
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| syl |
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syl
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| Posted: 08:35 - 20 Mar 2014 Post subject: |
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You normally pay tax on your income, including pension income - that's because you get to save into your pension before paying tax. It's only right that you pay tax on it at some point - at least you are allowed to get 25% of it tax free. The rest you pay your marginal rate of tax on, which could be 0%, 10%, 20%, 40% 45% or even 65% (if you're taking just over £100k and your personal allowance is clawed back).
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| Hetzer |
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Hetzer
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Posted: 09:19 - 20 Mar 2014  Post subject: |
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Lol. Going short in the good years (youth to middle age) so one can be marginally more comfortable in the shit years (old age). And paying most of what's put in in fees and taxes.
Priceless.
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| map |
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map
Mr Calendar
Joined: 14 Jun 2004
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| Posted: 10:08 - 20 Mar 2014 Post subject: |
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| daemonoid |
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daemonoid
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| Posted: 10:53 - 20 Mar 2014 Post subject: |
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| map wrote: | It was set at 55% 
Plus it's not 20% flat rate it's the normal rate you're paying on your income. So as of now that'd be 20% for mere mortals and 40%+ for the fat cats (or wise investors/workers as you see fit).
Except it's not 20% on the total as there's the £10K tax allowance and then there's another 25% of the lump sum that'd be tax free.*
So pensioner takes out £20K, gets £10K allowance and £5K (25% of sum) tax free. So pays 20% on remaining £5K, that'd be £1000, not the £4000 (20%, or1/5th of £20K) daemonoid believes.
Just love it when the facts get in the way of a good rant 
Also according to the BBC Budget Calculator I'm better off if I stop drinking wine and drink spirits and beer. Which will be nice for my health
* Information here if you want to check |
£20k is not a meaningful pension pot (~2k a year assuming you only live to 70)... £200k is where it starts... Your £10k allowance means a little less in that situation.
Unless you mean that they're only taking £20k of a larger pot, in which case you're a bit confused as you can take £25% of the pot tax free currently. If your figures are right then it's even worse than I thought!
And then there's this little gem:
"However, any workers younger than a cut-off age of around 40 will have to wait longer to access their savings." - private retirement age has just gone up!
As for mpd - you don't get taxed at 20% on your annuity you get taxed at standard rate, meaning most of us will get taxed virtually nothing due to tax free allowances.
The good thing will probably be that annuities will become more competitive, plus I like the chance of a couple of BTLs if I can't get a decent annuity...
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current: ducati monster 750
past: hyosung gt250r, bajaj pulsar 180, hyosung gt 125 comet
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| daemonoid |
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daemonoid
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| Posted: 10:59 - 20 Mar 2014 Post subject: |
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| daemonoid wrote: | Unless you mean that they're only taking £20k of a larger pot, in which case you're a bit confused as you can take £25% of the pot tax free currently. If your figures are right then it's even worse than I thought! |
FFS you are right - So... previously I could've had a £200k pension pot, withdrawn £50k tax free and bought an annuity with the rest.
Now... to do the same I need to retire after April 5th, then pay a minimum of 20% on £30k losing £6k in taxes. Thanks George...
If I want it all, it'll cost me even more as I'm bumped up the tax brackets.
And I have to wait longer...
<edit>Here's some good examples:
https://www.bbc.com/news/business-26653312
| Quote: | For example, Emily is 60 and has taxable income of £50,000. She has £250,000 in her pension pot, and takes all this money out on 7 April, 2015. She will receive £62,500 without tax (25%) and the balance will be taxed at a mixture of 40% and 45%. She also loses her personal allowance because her total taxable income is over £100,000. |
Basically, if you had a pension pot that was very small you can take it in one go and be marginally better off. If you have a larger pension - the kind that makes you self sufficient then you're gonna lose out. Hurrah for being careful eh?
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current: ducati monster 750
past: hyosung gt250r, bajaj pulsar 180, hyosung gt 125 comet
@thomasgarrard | www.straitjkt.com | www.racingseven.com
Last edited by daemonoid on 11:06 - 20 Mar 2014; edited 1 time in total |
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| fatpies |
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fatpies
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| daemonoid |
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daemonoid
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| Posted: 14:45 - 20 Mar 2014 Post subject: |
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In reality, this is to help the people with £20,000 and under tied into annuities, which makes up around 25% of them.
Rather than drawing £20 a week for the rest of your life, at least you get a choice on what to do with it now.
As for knocking the governmet over this - it's another option people never had before, not compulsary.
They can't win sometimes. The left were making noises about young people not being able to afford housing, so the government starts the help to buy scheme. Now they're helping those people, the government are accused of inflating house prices!
Milliband and Balls knocking every bit of progress the current government are making, in reversing the sh!t New Labour left the economy in, is like the "What did the Romans ever do for us" Python sketch!
Lowering unemployment, increasing employment, reducing the defecit, economic growth amongst the highest on the planet.....
Milliband - "don't listen, oh look over there..... a poor person with a really low standard of living..Things would have been better under Labour and our crippling overspending and borrowing policy, honest."
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| Kari-On |
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Kari-On
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| Posted: 16:38 - 20 Mar 2014 Post subject: |
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| Kari-On wrote: | So why does help to buy cover houses up to £600k? I don't know many folk who will be buying one of those as their first house. |
To encourage developers to build houses of all shapes and sizes, otherwise they would only be building 1 bedroom starter homes, which, whilst benefitting those at the bottom of the ladder, wouldn't help the housing shortgage further up the ladder or for bigger families.
| Kari-On wrote: | Lowering unemployment and increasing employment with a majority of work being 0 hours contracts for agency, or the fact that people are taking jobs for 16/20/30 hours, just to get by? |
A "Majority of work".....? There are supposed to be around 250,000 people on zero hours contracts in the UK out of a total workforce of over 30 million, less than 1%.
In the last 2 or 3 years, unemployment has fallen by almost half a million. Where zero hours contracts don't offer security for employees, it does encourage employers to take people on. To try and pretend that all of these 460,000 jobs that have been created in the last year are all zero hours contract jobs is pessamistic at best.
It would be interesting to know what the average hours are in the UK amongst all Zero Hours employees though. It isn't a great thing and should be clamped down on when recovery really kicks in. For now though, with employers reluctant to take risks, it does appear to be working.
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| smegballs |
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smegballs
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| Kari-On |
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Kari-On
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| Posted: 18:25 - 20 Mar 2014 Post subject: |
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| smegballs wrote: |
Seeing as we can't voluntarily agree to a lower wage with an employer, so as to reduce their risk and make them more likely to hire iffy people, due to minimum wage laws. At least the 0 hour contracts give employers an incentive to give someone a chance, as they have the option of an easy out. |
Sorry, but they have an easy way out anyway - you can fire someone off within the first two years with no comebacks.
MPD - Must just be round here then, where most jobs are via agency. They're unskilled jobs for the main, too - Even something as simple as order picking or general warehouse dogsbodying is under agency now, and probably the biggest fresh food production factory in the immediate area, despite once taking on directly almost constantly, now takes agency workers on.
Agency work is fine and dandy, if you've no liabilities. You can't be running a house on no guaranteed hours. My sister in law is managing to do it, at the moment, but she's not much more left to pay on her mortgage, which is a good job really, considering the place she's at is shedding agency staff quite regularly. |
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| fatpies |
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fatpies
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| fatpies |
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fatpies
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| Posted: 19:04 - 20 Mar 2014 Post subject: |
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| Kari-On wrote: |
MPD - Must just be round here then, where most jobs are via agency. They're unskilled jobs for the main, too - Even something as simple as order picking or general warehouse dogsbodying is under agency now, and probably the biggest fresh food production factory in the immediate area, despite once taking on directly almost constantly, now takes agency workers on.
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Teaching jobs are ALL agency these days. I have 7 jobs btw, 6 of those are 0h as agency runs that way. Every 6.5 weeks you are put onto a new contract so they dodge the agency workers rights laws.
| Kari-On wrote: |
Agency work is fine and dandy, if you've no liabilities. You can't be running a house on no guaranteed hours. My sister in law is managing to do it, at the moment, but she's not much more left to pay on her mortgage, which is a good job really, considering the place she's at is shedding agency staff quite regularly. |
Yep, G will come along now and be sanctimonious about living cheaply in a shared house etc etc.
While you can do this for a few years while you are young, what about when you get older.
What about if you have children? what if you can't have children.
Employers are super short sighted in the UK. Employees also happen to be your customers. Pay them nowt and leave them with nowt and don't be surprised if your sales fall.
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fatpies
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| Kari-On |
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Kari-On
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| Posted: 19:11 - 20 Mar 2014 Post subject: |
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| fatpies wrote: |
Yep, G will come along now and be sanctimonious about living cheaply in a shared house etc etc.
While you can do this for a few years while you are young, what about when you get older.
What about if you have children? what if you can't have children.
Employers are super short sighted in the UK. Employees also happen to be your customers. Pay them nowt and leave them with nowt and don't be surprised if your sales fall. |
That was what I was aiming at - Which is why Eastern Europeans can come over and house share easily, because they don't necessarily bring their family. If you've already got a ready made home and family, it's not suitable, AT. ALL.
Henry Ford once said to an employee, about a new piece of machinery "That machine will work and it doesn't need a Union card". To which, the response was "That machine won't be buying the cars though, will it?"
Or something like that, anyway. RIP Bob Crow 
I reckon a good 90% of people who are looking for work would be happy with a guaranteed 40 hours or whatever, at a wage where they can live modestly - not too flashy, two cars, 2 foreign holidays, and so on, but enough to get by on, and be able to save a few quid for emergencies/the occasional holiday.
I don't think it's a lot to ask for someone to be able to get a job where they are secure (providing they will put the work in and not take the piss). |
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Kari-On
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fatpies
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Kari-On
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smegballs
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Old Thread Alert!
The last post was made 11 years, 120 days ago. Instead of replying here, would creating a new thread be more useful? |
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