Protecting pensions: what tax changes could come under the new government? In tax year 23/24 I contributed approximately £100,000 to my pension, taking advantage of the abolition of the lifetime exemption and using unused exemptions from previous years. I want to withdraw my pension now to avoid possible tax changes or anti-forestalling legislation from a … Read more
The Labour Party has won the general election by a large margin and now everyone is waiting to see whether the party will deliver on its promises. The party made a number of promises to protect people’s pensions and improve the situation for savers if Sir Keir Starmer were given the keys to Downing Street. … Read more
With a huge parliamentary majority, new Prime Minister Keir Starmer has a serious mandate to deliver the reforms set out in Labour’s manifesto. The party has been crystal clear throughout the campaign that it will prioritise economic growth and “wealth creation” in government, although details of exactly how this will be achieved or what it … Read more
Stay up to date with free updates Simply register for the Pension sector myFT Digest — straight to your inbox. The writer is an FT editor When the shortcomings of the British pension system are analysed, attention is often focused on Canada and its giant pension funds. These have become major players in international finance, … Read more
The number of Britons over retirement age paying tax on their state pension has increased significantly in the past year, according to new figures published by HM Revenue and Customs (HMRC). Tax authority data shows that annual figures on the number of people paying income tax on their pension payments have risen by 660,000, from … Read more
Increases in the state pension age have contributed to a rise in the number of Brits claiming working age benefits from the Department for Work and Pensions (DWP), new research shows. The Resolution Foundation’s ‘Under Strain’ report shows that real spending on these payments has risen by a third over the past decade and disability … Read more
Image source, Getty Images Item information Author, Kevin Peachey Role, Cost of Living Correspondent 7 hours ago Some people are already paying income tax on their state pension, a report has found, despite a Conservative promise that it will remain tax-free. The standard new state pension is currently below the £12,570 threshold after which income … Read more
By Alanah Khosla for Mailonline 4:46 PM June 18, 2024, updated 4:49 PM June 18, 2024 Share or comment on this article: Martin Lewis has warned against withdrawing money from a pension fund, claiming it is ‘one of the biggest mistakes you can make if you get it wrong’. The British money-saving expert, 52, from … Read more
Pensioners in Britain risk ending up in a tax ‘nightmare’ without serious intervention from MPs, one of the country’s leading pension campaigners has said. Baroness Ros Altmann is urging the major political parties, especially the Labor Party, to reform existing tax rules to prevent older Britons from losing part of their state pension to HM … Read more
By Steve Webb for This Is Money Updated: 04:28 EDT, June 17, 2024 I have received Working Tax Credit whilst simultaneously contributing to my personal private pension with Scottish Widows over an extended period. These contributions were made possible via direct debit from my bank account, which allowed me to deduct 100 percent of the … Read more