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Originally Posted by Escapee
If they want to move to the model of a means tested old age pension, they have shot themselves in the foot. They have prompted pension investors to take their money out of schemes that were most likely offering a good rate of return, and instead putting that money into accounts offering poor returns or splashing the cash on foreign holidays etc.
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We're a very long way away from a means-tested old-age pension. I don't think it'll ever happen but if it does it will be in a future Parliament and brought in for younger people rather than anyone nearing retirement.
At some point people need to take personal responsibility over their finances and investment choices rather than going off panicked vibes they're getting from the media. It's unreasonable to deduce that the government will introduce a means-tested state pension. Such a move would make the poll tax riots look small.
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I have read many of the news articles over the past few months regarding pension tax relief, and it's frightening that how many people in the comments sections clearly have no idea how it works. I have seen comments where people have said they shouldn't be taxed because they pay tax via PAYE, and when you try to explain to them it's like banging your head against the wall.
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Yes, financial literacy in this country is bad. Same with people who don't understand how tax bands work and assume you're better off not going into the 40% bracket.
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If they introduce a flat rate, which I think would more likely be 30%, I think that would result in people in their 50's and 60's who have built up reasonable pension pots will just reduce their hours. That would then run the risk of these people falling short in funds when they fully retire.
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This is why I don't think it will happen alongside the pain it would be to actually implement.
---------- Post added at 09:36 ---------- Previous post was at 09:33 ----------
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Originally Posted by jonbxx
A cheeky little thought crossed my mind this morning. So, Labour say, you’re right, personal donations, even if previously OK should stop. Considering the hissy fit opposition MPs are having about this, they will definitely vote for this won’t they, surely?
Of course you could argue that banning donations should only apply to the party in power but if you do, then all donations to Labour MPs before 5th July are OK. You could argue that Labour was odds on to win the election for some months before July so they shouldn’t accept donations on this basis but that is saying that accepting donations on that basis is effectively publicly admitting that your party can’t win an election…
Politics and unintended consequences run wild here!
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I wish they would do this but I don't think so. Most MPs will want to keep this which is why most of the attacks have come from the media rather than the Tories.
It's not needed for their jobs or really campaigning but to enrich themselves. They want these perks.
I would ban donations and increase the salary, linking it to civil servant pay.