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B1542 – Pensions Bill 2019. Watch
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#2
I don't see why the state should fund two pension schemes at once - Aye.
Edit - misunderstood this bill so Nay.
Edit - misunderstood this bill so Nay.
Last edited by LiberOfLondon; 2 months ago
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#3
So the minimum amount to be paid into private pensions is being cut by 37.5%...
Dual nationals are being denied state pensions
Pensioners are likely to be faced with real terms cuts in their pensions
The notes and the bill contradict each other
And btw, the state doesn't pay a penny into your private pensions.
And the costing is going to be wrong, a simple 3% wage growth adjustment will be insufficient because the minimum contributions have increased as has the number of people in employment.
It doesn't, unless you work for the state it doesn't pay into your private pension. This £20bn is the tax relief you get on pension contributions, i.e. it means you don't pay tax on money you put into your private pension, you pay the tax when you draw the money back out. What this bill would do (bar the fact that it isn't worded properly and so won't do half of what it aims to do) would tax you when you pay into the pension, and then tax you again when you draw it.
Dual nationals are being denied state pensions
Pensioners are likely to be faced with real terms cuts in their pensions
The notes and the bill contradict each other
And btw, the state doesn't pay a penny into your private pensions.
And the costing is going to be wrong, a simple 3% wage growth adjustment will be insufficient because the minimum contributions have increased as has the number of people in employment.
(Original post by LiberOfLondon)
I don't see why the state should fund two pension schemes at once - Aye.
I don't see why the state should fund two pension schemes at once - Aye.
Last edited by Jammy Duel; 2 months ago
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#4
It is worth noting that some of the links are now dead, some are just, I assume, outright the wrong links, and some seem totally irrelevant.
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#6
(Original post by CatusStarbright)
Can everyone actually afford to pay 5% of their wage into their pension?
Can everyone actually afford to pay 5% of their wage into their pension?
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#8
(Original post by LiberOfLondon)
I don't see why the state should fund two pension schemes at once - Aye.
I don't see why the state should fund two pension schemes at once - Aye.
(Original post by CatusStarbright)
Can everyone actually afford to pay 5% of their wage into their pension?
Can everyone actually afford to pay 5% of their wage into their pension?
(Original post by barnetlad)
This would increase pensioner poverty considerably.
This would increase pensioner poverty considerably.
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Will reply to Jammy tomorrow.
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#9
(Original post by Rakas21)
Pensioners are among the wealthiest groups in society and often have access to significant asset values. While we do accept the need for a state pension, we do not believe that pensioners need unsustainable increases each year. A 2% rise is still significant.
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Will reply to Jammy tomorrow.
Pensioners are among the wealthiest groups in society and often have access to significant asset values. While we do accept the need for a state pension, we do not believe that pensioners need unsustainable increases each year. A 2% rise is still significant.
..
Will reply to Jammy tomorrow.
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#10
(Original post by CatusStarbright)
Can everyone actually afford to pay 5% of their wage into their pension?
Can everyone actually afford to pay 5% of their wage into their pension?
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#11
(Original post by Mr T 999)
Right now an employee minimum is 5% and 3% is the minimum a employer currently pays. So it's what the majority are already paying.
Right now an employee minimum is 5% and 3% is the minimum a employer currently pays. So it's what the majority are already paying.
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#12
(Original post by LiberOfLondon)
I don't see why the state should fund two pension schemes at once - Aye.
I don't see why the state should fund two pension schemes at once - Aye.
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#13
(Original post by Mr T 999)
Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. So what that mean is you end up paying tax when you pay into your pension as JD has already stated.
Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. So what that mean is you end up paying tax when you pay into your pension as JD has already stated.
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#16
(Original post by Saracen's Fez)
I'm curious to know which 'this government' is being referenced in the notes...
I'm curious to know which 'this government' is being referenced in the notes...
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#18
(Original post by Mr T 999)
Is there a reason why dual nationals are not receiving pensions?
Is there a reason why dual nationals are not receiving pensions?
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#19
(Original post by Rakas21)
Will reply to Jammy tomorrow.
Will reply to Jammy tomorrow.
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#20
(Original post by Mr T 999)
Is there a reason why dual nationals are not receiving pensions?
Is there a reason why dual nationals are not receiving pensions?
(Original post by Jammy Duel)
Probably justified by saying they can claim from the other country
Probably justified by saying they can claim from the other country
(Original post by Jammy Duel)
So the minimum amount to be paid into private pensions is being cut by 37.5%...
Dual nationals are being denied state pensions
Pensioners are likely to be faced with real terms cuts in their pensions
The notes and the bill contradict each other
And btw, the state doesn't pay a penny into your private pensions.
And the costing is going to be wrong, a simple 3% wage growth adjustment will be insufficient because the minimum contributions have increased as has the number of people in employment.
It doesn't, unless you work for the state it doesn't pay into your private pension. This £20bn is the tax relief you get on pension contributions, i.e. it means you don't pay tax on money you put into your private pension, you pay the tax when you draw the money back out. What this bill would do (bar the fact that it isn't worded properly and so won't do half of what it aims to do) would tax you when you pay into the pension, and then tax you again when you draw it.
So the minimum amount to be paid into private pensions is being cut by 37.5%...
Dual nationals are being denied state pensions
Pensioners are likely to be faced with real terms cuts in their pensions
The notes and the bill contradict each other
And btw, the state doesn't pay a penny into your private pensions.
And the costing is going to be wrong, a simple 3% wage growth adjustment will be insufficient because the minimum contributions have increased as has the number of people in employment.
It doesn't, unless you work for the state it doesn't pay into your private pension. This £20bn is the tax relief you get on pension contributions, i.e. it means you don't pay tax on money you put into your private pension, you pay the tax when you draw the money back out. What this bill would do (bar the fact that it isn't worded properly and so won't do half of what it aims to do) would tax you when you pay into the pension, and then tax you again when you draw it.
- Addressed already but those who choose to have citizenship of a foreign state and likely take their labour abroad should not expect the British taxpayer to grant them all the entitlements that those who work in the UK all their lives would receive themselves.
- This is a speculative argument based on the Mhoc government allowing the BOE to continue failing to meet their inflation targets. We must take a sustainable view of the finances no matter how much we would like to address financial woes.
- Will be amending the notes regarding the later two points.
- Yes, i'm already amending the costing a little.
(Original post by Jammy Duel)
It is worth noting that some of the links are now dead, some are just, I assume, outright the wrong links, and some seem totally irrelevant.
It is worth noting that some of the links are now dead, some are just, I assume, outright the wrong links, and some seem totally irrelevant.
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