Crosswords2 mins ago
State Pension
Will the triple lock system be Sunaks "Hot Potato" ??.
I think it will be his and his partys downfall .Triple lock is going to be a major issue , but no one wants to discuss it. Sunak,Hunt and DWP Secretary have refused comment or address the issue ,but you can bet your life they are cooking something up between them that will be no advantage to Pensioners.
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I think it will be his and his partys downfall .Triple lock is going to be a major issue , but no one wants to discuss it. Sunak,Hunt and DWP Secretary have refused comment or address the issue ,but you can bet your life they are cooking something up between them that will be no advantage to Pensioners.
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//Moreover, the playing field is levelled since
top earners can contribute vastly much more money into their chosen private pension scheme.//
That isn't quite the point, is it. Somebody making five times the contributions to a private pensions scheme would receive five times the benefit. Somebody doing so to the (compulsory) State scheme does not. Kindly allowing them to put as much as they wish into a separate scheme does not alter that iniquity.
top earners can contribute vastly much more money into their chosen private pension scheme.//
That isn't quite the point, is it. Somebody making five times the contributions to a private pensions scheme would receive five times the benefit. Somebody doing so to the (compulsory) State scheme does not. Kindly allowing them to put as much as they wish into a separate scheme does not alter that iniquity.
//does not alter that "iniquity" //
Steady on m'lud, that's a bit strong!
//Somebody making five times the contributions to a private pensions scheme would receive five times the benefit //
Not necessarily. For most this will largely depend on the performance of the markets.
Also regulation does not always protect those contributing into a pension. One such unscrupulous character decided to loot the Mirror group pension fund. You might recall the name of the late Robert Maxwell. He is testimony to that.
Let us not forget, those high earners who contracted out of SERPS and into a company pension scheme, receive further remuneration in the form of employer's contribution.
The monetary value of this will be lot more than that given by the employer to a worker who pays income tax at the basic rate.
Another benefit top earners draw upon, pension contributions are deducted from gross pay, before income tax is calculated.
This deduction will be significantly more than the pension contributions made by the lower paid.
A further instrument(as if one was needed) which
more than balances the level of fairness, high earners get a whopping 45p tax relief for every £1 they contribute into their pension fund.
Basic rate tax payers can claim just 20% in every £1 spent.The
Hardly the families of the wealthy that pay the price. It's the lowest earners that subsist in search of a better life.
Steady on m'lud, that's a bit strong!
//Somebody making five times the contributions to a private pensions scheme would receive five times the benefit //
Not necessarily. For most this will largely depend on the performance of the markets.
Also regulation does not always protect those contributing into a pension. One such unscrupulous character decided to loot the Mirror group pension fund. You might recall the name of the late Robert Maxwell. He is testimony to that.
Let us not forget, those high earners who contracted out of SERPS and into a company pension scheme, receive further remuneration in the form of employer's contribution.
The monetary value of this will be lot more than that given by the employer to a worker who pays income tax at the basic rate.
Another benefit top earners draw upon, pension contributions are deducted from gross pay, before income tax is calculated.
This deduction will be significantly more than the pension contributions made by the lower paid.
A further instrument(as if one was needed) which
more than balances the level of fairness, high earners get a whopping 45p tax relief for every £1 they contribute into their pension fund.
Basic rate tax payers can claim just 20% in every £1 spent.The
Hardly the families of the wealthy that pay the price. It's the lowest earners that subsist in search of a better life.
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