Labour Government Outlook for UK State Pension - how might things change?
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4 ماه پیش
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What is the future outlook
What is the future outlook for UK state pension, and can you rely on it? For a financially secure retirement go to https://ianshadrack.com/retirement-ca...
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Will pensions be means tested? Very “big brother” snooping on people, principle would be very unpopular. Currently only Australia has a means tested pension
Will the state pension age be raised? The pension age is currently due to rise from 67 to 68 between 2044 and 2046. But two separate government reviews in recent years have proposed that this age be brought forward, typically to the late 2030s. Will 10 years notice be given? Hopefully this will help build trust and allow people time to alter their plans. Access to private pensions is 10 years before state pension age
Will the triple lock continue? The triple lock is pension growth of the higher of earnings growth, inflation and 2.5%.
People don’t trust pensions around access age and their future taxation. Hopefully as you get old and can see the finishing line in sight, this distrust starts to wane
One solution is to save money into an isa if you are a 20% marginal income tax payer. Then when you start paying 40% tax, put more money into a workplace pension via salary sacrifice. If this causes a shortfall in living expenses you can dip into your isa.
The government could increase the minimum qualifying years for a full state pension if it wants to reduced costs.
Will the lifetime allowance be re-introduced?
Will 40% tax relief for pension contributions be scrapped?
Let me know your thoughts in the comments.
Chapters
00:00 How the UK state pension compares to other countries
01:52 Retirement ages around the world
02:34 Will pensions be means tested ?
03:17 Will the state pension age be raised ?
04:15 Will the triple lock continue ?
05:15 Future taxation of pensions
05:34 Pensions vs ISA
06:12 Pension minimum qualifying years
06:53 Will the lifetime allowance be re-introduced ?
07:32 Tax relief on pension contributions
For free files, latest research and portfolio updates sign up for my newsletter https://ianshadrack.com
Will pensions be means tested? Very “big brother” snooping on people, principle would be very unpopular. Currently only Australia has a means tested pension
Will the state pension age be raised? The pension age is currently due to rise from 67 to 68 between 2044 and 2046. But two separate government reviews in recent years have proposed that this age be brought forward, typically to the late 2030s. Will 10 years notice be given? Hopefully this will help build trust and allow people time to alter their plans. Access to private pensions is 10 years before state pension age
Will the triple lock continue? The triple lock is pension growth of the higher of earnings growth, inflation and 2.5%.
People don’t trust pensions around access age and their future taxation. Hopefully as you get old and can see the finishing line in sight, this distrust starts to wane
One solution is to save money into an isa if you are a 20% marginal income tax payer. Then when you start paying 40% tax, put more money into a workplace pension via salary sacrifice. If this causes a shortfall in living expenses you can dip into your isa.
The government could increase the minimum qualifying years for a full state pension if it wants to reduced costs.
Will the lifetime allowance be re-introduced?
Will 40% tax relief for pension contributions be scrapped?
Let me know your thoughts in the comments.
Chapters
00:00 How the UK state pension compares to other countries
01:52 Retirement ages around the world
02:34 Will pensions be means tested ?
03:17 Will the state pension age be raised ?
04:15 Will the triple lock continue ?
05:15 Future taxation of pensions
05:34 Pensions vs ISA
06:12 Pension minimum qualifying years
06:53 Will the lifetime allowance be re-introduced ?
07:32 Tax relief on pension contributions
4 ماه پیش
در تاریخ 1403/02/20 منتشر شده
است.
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