ChatterBank0 min ago
Pension Panic As Savers Rush To Take 25% Tax-Free Cash Before Labour's Budget
//Pension companies are being overwhelmed with calls and emails as the over-55s withdraw money from their pension plans in case Reeves curbs one of the most popular pension benefits all.//
More screwing of the pensioners? Perhaps they'll go back to stashing their money under the mattress. Not a government that could be said to inspire confidence.
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No best answer has yet been selected by naomi24. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The funny thing is the 25% that people take mostly ends up getting spent and thus ends up in the treasury anyway. Once again the economic sense is anathema to Labour. If they cut that then people will just leave it in the pot and thus they'll get nowt. I've never known a chancellor with so little idea how the revenue is generated for the treasury.
To be honest I have always wondered about this. Yes it will affect me I am about to retire but lets face it you saved the money with a tax break so why 25% allowed back out without tax? The best way to remove this would be to cap it at a fairly high level and then bring that cap down over the years so no one is immediatley affected.
But then labour dont seem to have any common sense, business accumen or economic literacy.
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