The long road back

[JohnfromUK]

9 minutes ago, oowee said:

I would agree thought that these changes suck confidence from the whole system. We also need it to work to move away from State pension other than as a basic fall back. It's difficult to see a way out. 

And yet both the Blair/Brown Labour Gov't and (very probably) the Starmer Reeves Labour Gov't are trying really hard to kill off any incentive to have any private pension and make a nonsense of any long term planning .......... because Labour HATES people having financial independence.

The way out is to give strong incentives to save - and long term protection of those savings from 'raids' from Gov'ts.

Edited October 9 by JohnfromUK

[Smokersmith]

10 minutes ago, oowee said:

pension contribution has been limited at £40k

It’s 60k

[Mungler]

The whole pension industry is over complicated smoke and mirrors and full of traps and commissions.

Try and do something yourself in a field you understand (eg residential property) and you get nailed to a cross on tax and are painted as stealing houses from the next generation.

The bit that troubles me is most people plan longer term with their pensions and a budget or two later and the government switches horses mid race. Come October and the budget coming and it’s going to be all change all over again.

 

 

[JohnfromUK]

2 minutes ago, Mungler said:

The bit that troubles me is most people plan longer term with their pensions and a budget or two later and the government switches horses mid race. Come October and the budget coming and it’s going to be all change all over again.

Exactly my point; no one can have any long term certainty - hence no confidence in the system, so reliance on 'the state',  It's the way Labour like it - as many of us as possible dependent on the central 'state', and anyone who gets a bit of financial independence will have it taken from them and 'redistributed' - "broadest shoulders" and all those sound bite excuses for theft.

[oowee]

15 minutes ago, JohnfromUK said:

 Labour Gov't and (very probably) the Starmer Reeves Labour Gov't are trying really hard to kill off any incentive to have any private pension and make a nonsense of any long term planning .......... because Labour HATES people having financial independence.

The way out is to give strong incentives to save - and long term protection of those savings from 'raids' from Gov'ts.

Let's see if that's the case. 

14 minutes ago, Smokersmith said:

It’s 60k

Start of taper? Don't know the current I am out of there. 

10 minutes ago, Mungler said:

The whole pension industry is over complicated smoke and mirrors and full of traps and commissions.

Try and do something yourself in a field you understand (eg residential property) and you get nailed to a cross on tax and are painted as stealing houses from the next generation.

The bit that troubles me is most people plan longer term with their pensions and a budget or two later and the government switches horses mid race. Come October and the budget coming and it’s going to be all change all over again.

 

 

This. I think res was / is excluded? You learn one set of rules and everything changes. 

Just trying to move some pension cash from a pay off account. Pension provider insists I use 'money helper' to move to a self administered fund because its subject to currency fluctuations. Two month delay and an hour convo to get a code to make the switch to my own pension. 

[Dave-G]

21 hours ago, oowee said:

Agreed (mostly) but the new consolidated pension pays out more than was paid in. Payments in are treated as a contribution to the pot for expenditure.

The tripple lock is an unsustainable political straight jacket.

It relies upon a growing economy and population to continue. With a birth rate at less than 1.5 something has to give. Or continue with migration. 

Unfortunately that is unlikely to change while UK reduces manufacturing, and exports industries that use(d) energy to get more UK 'green credentials,' and most employers these days are in the service and fast food industries. Those being thus employed are paid minimal wages that will see them getting benefits to bring their wages up at taxpayer expense too.

As you say - a straight jacket that is self perpetuating.

The triple lock aspect is needed by many because pensioners cannot strike to force their payments up - and those payments fell unfairly over several years.

Edited October 10 by Dave-G

[Yellow Bear]

25 minutes ago, Dave-G said:

The triple lock aspect is needed by many because pensioners cannot strike to force their payments up - and those payments fell unfairly over several years.

The triple lock was introduced  in 2010 to counter the loss in pension value due to the last Leiboor governments activities.

[oowee]

5 hours ago, Yellow Bear said:

The triple lock was introduced  in 2010 to counter the loss in pension value due to the last Leiboor governments activities.

Another vote buying disaster.

[old man]

Maybe it's no good to keep looking back for any solutions to the mess we're in?

Equally difficult to look forward for solutions?

All politicians are controlled by their masters, just different colours and aiming for their own type of domination? 

The plebs are just cash cows and pawns to be used for gain and amusement?

[Penelope]

On 08/10/2024 at 07:44, TIGHTCHOKE said:

Round 'em up, put 'em in a field and ............................................................

Gotta love a bit of Kenny!!

On 08/10/2024 at 11:28, oldypigeonpopper said:

Hello, I hope Labour is not in for 10 years 🤔, Wait till the Budget 🤔, I think people already regret voting Labour 🤔, well at least a few million pensioners 🤔

Oh, there's mass buyer regret out there already.

[Penelope]

On 08/10/2024 at 11:38, oldypigeonpopper said:

Hello, If there is a real harsh cold winter there will be quite a few pensioners not make the Spring 🤔

4,000 according to Labour.

[old man]

1 hour ago, Penelope said:

4,000 according to Labour.

Politically an illustration of levels? Care or contempt?

[oldypigeonpopper]

1 hour ago, Penelope said:

4,000 according to Labour.

Hello, Ah I could not find this info, if it turns to be the case then Shame on Labour

[Rewulf]

9 minutes ago, oldypigeonpopper said:

Hello, Ah I could not find this info, if it turns to be the case then Shame on Labour

https://www.gbnews.com/politics/keir-starmer-winter-fuel-payments-labour-research

[oldypigeonpopper]

Just now, Rewulf said:

https://www.gbnews.com/politics/keir-starmer-winter-fuel-payments-labour-research

Hello, Thanks, Then Starmer and Whats her name should be made accountable !!!!!, and reverse the WFP 

[JohnfromUK]

5 minutes ago, oldypigeonpopper said:

Then Starmer and Whats her name should be made accountable

The WFP are just the start.  It is rumoured that they are planning to allow councils to drop the single occupancy council tax discount (25%) - which is made us of by many widows and widowers - in other words, those likely to be struggling through winter.

Also - due to the freezing of the income tax threshold, most pensioners who loose the WFP will also be paying tax - many for the first time in their pensions - because the WFP 'cut off' is almost the same as the single person's tax free allowance.

If you are on a pension - Labour is coming for your money - and those on low, but above the WFP threshold will lose out badly.

 

Edited October 11 by JohnfromUK

[oldypigeonpopper]

1 minute ago, JohnfromUK said:

The WFP are just the start.  It is rumoured that they are planning to allow councils to drop the single occupancy council tax discount (25%) - which is made us of by many widows and widowers - in other words, those likely to be struggling through winter.

Hello, Yes i did read that John, I have said before on Labour Government and the expected hit on working families/ Pensioners , It seems Single people are next in line for a Hit !!!!!

[old man]

Most likely find that as usual, politicians can't be held responsible for anything or any situation they create relating to such decisions?

Privilege and immunity?

 

[Weihrauch17]

Raynor's gob just cost the UK a £1 billion investment and Reeves has the wealthy selling up UK assets and fleeing, they are a wrecking ball for the economy.

[TIGHTCHOKE]

10 minutes ago, Weihrauch17 said:

Raynor's gob just cost the UK a £1 billion investment and Reeves has the wealthy selling up UK assets and fleeing, they are a wrecking ball for the economy.

What has she done now?

[Weihrauch17]

3 minutes ago, TIGHTCHOKE said:

What has she done now?

Publicly slagged off P&O who have pulled the plug on a 1 Billion UK investment directly because of it.

[TIGHTCHOKE]

Okay, thank you

[Weihrauch17]

• DP World has paused a £1bn investment in London Gateway port following criticism of P&O Ferries' employment practices by government ministers.
• The Deputy Prime Minister and Transport Secretary labelled P&O as “unscrupulous” and “exploitative” amid efforts to strengthen workers' rights.
• The decision undermines Sir Keir Starmer's initiative to attract investment and position the UK as open for business.

[Yellow Bear]

8 minutes ago, Weihrauch17 said:

Publicly slagged off P&O who have pulled the plug on a 1 Billion UK investment directly because of it.

That will be at the behest of Unite who dislike P&O as they can't bully them.

[JohnfromUK]

Starmer is stuck with Rayner as Deputy PM.  This is because the totally bizarre policy of the Labour party is that the Deputy Leader (and Leader) are elected by a proportional oprocess of 'membership' as in italics below;

Unlike other British political party leaders, the Labour leader does not have the power to dismiss or appoint their deputy. Both the leader and deputy leader are elected by an alternative vote system. [4]

From 1980 to 2014 an electoral college was used, with a third of the votes allocated to the Party's MPs and MEPs, a third to individual members of the Labour Party, and a third to individual members of all affiliated organisations, including socialist societies and trade unions.

6 minutes ago, Yellow Bear said:

That will be at the behest of Unite who dislike P&O as they can't bully them.

The money paid to her by donors (including Waheed Alli and various unions including Unite is listed here;

https://members.parliament.uk/member/4356/registeredinterests

Edited October 11 by JohnfromUK