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Tom 123
Posted: 14 March 2023 09:18:59(UTC)
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Robert D;260626 wrote:
Annual cap to be lifted to £60,000 and the lifetime cap to £1.8mn.

Tax breaks for the well off while the rest of the country chooses between heating and eating

Time for a change of government


More a case of preventing doctors leaving the nhs in their mid 50s.

The implication of stupid taxation.
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2 users thanked Tom 123 for this post.
what me worry? on 14/03/2023(UTC), stephen_s on 14/03/2023(UTC)
what me worry?
Posted: 14 March 2023 10:01:32(UTC)
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Robert D;260626 wrote:
Annual cap to be lifted to £60,000 and the lifetime cap to £1.8mn.

Tax breaks for the well off while the rest of the country chooses between heating and eating

Time for a change of government


So, encourage me to save and look after myself in old age why don't you!!??

No, I think we should rely on the government to look after us by taking away all incentives to save, have personal pensions and not want to be reliant on the overstretchd NHS and care sector. Oh, and they could also pay my heating bills.

I've worked, paid into the system and tried to saved all my life so I can look after me and my family without relying on the state. Trust me I am not well off but I would like to see a lot more people encouaged/incentivised to look after themselves whilst doing their bit for the community


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3 users thanked what me worry? for this post.
stephen_s on 14/03/2023(UTC), MBA MBA on 14/03/2023(UTC), J Thomas on 14/03/2023(UTC)
Helen L
Posted: 14 March 2023 10:47:08(UTC)
#13

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I have many friends who are medics, they are saddened by the lack of support they received especially at the beginning of the pandemic and now more generally struggle daily to come to terms with the poor level of service they can offer and the low morale throughout the NHS. Most have or are planning to retire asap, LTA and taxation were not their reasons.

Re-evaluating the value of money v securing some healthy years of retirement after Covid was also a major factor, like much of the population that are lucky enough to be in the position to take early retirement.
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Sara G on 14/03/2023(UTC)
Sara G
Posted: 14 March 2023 11:16:20(UTC)
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Hopefully it does help stem the tide of retiring medics, but in any case it's the right thing to do. The LTA was set years ago at £1.8m and then reduced and held where it is today. I don't see the point of having an LTA other than to limit the amount of tax free cash, which they could do in another way. As soon as there is a threshold in place it means it has to be constantly reviewed / uprated, or (as we have seen) it gets eaten away by inflation over time (specifically wage inflation).

I understand why there are arguments around introducing measures that benefit the better off in the current climate, but they are misplaced in my view. If increasing the LTA helps retain key professionals in the NHS and other key roles, then everyone benefits, and in any case, someone with a massive pension will pay more income tax on the way out. Also, lots of well off pensioners spending their money in a shorter retirement benefits the economy. By all means encourage saving and investing for those less well off, but it doesn't need to be an either / or proposition.

NB a lot of discussions around taxation seem to be predicated on the idea that there is a fixed amount of money to be distributed. But economies can grow with the right incentives, to the benefit of all. (Or, without the right incentives, the reverse will apply.)
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7 users thanked Sara G for this post.
Jimmy Page on 14/03/2023(UTC), Guest on 14/03/2023(UTC), MBA MBA on 14/03/2023(UTC), markydeedrop on 14/03/2023(UTC), J Thomas on 14/03/2023(UTC), Jesse M on 14/03/2023(UTC), Tim D on 15/03/2023(UTC)
Andrew59
Posted: 14 March 2023 11:29:19(UTC)
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If there's a substantial increase to the LTA (which is long overdue and has been a factor in people deciding to retire early - like me) then it may cause those on the verge of retiring to carry on (depending on their job enjoyment and their view of the importance of having a bigger absolute pension).

However for those who have retired in the last few years and are drawing from their pension, the MPAA would have to increase substantially to bring many recently retired people (including me) back to work.

There is an argument for introducing a flat rate (20% or other) tax relief on all pension monies, or those over a certain amount. I doubt that will happen - and I'm not specifically saying it should - but if they are looking to 'balance the books' it's something they could do. I doubt that this government would do that though.
Picking up Keiths point though, I think there could be some tinkering to reduce the benefit of the increased LTA.
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2 users thanked Andrew59 for this post.
Sara G on 14/03/2023(UTC), MBA MBA on 14/03/2023(UTC)
Jimmy Page
Posted: 14 March 2023 11:36:07(UTC)
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Helen L;260662 wrote:
I have many friends who are medics, they are saddened by the lack of support they received especially at the beginning of the pandemic and now more generally struggle daily to come to terms with the poor level of service they can offer and the low morale throughout the NHS. Most have or are planning to retire asap, LTA and taxation were not their reasons.

If that's true, then rather than run away why don't they instead support and encourage consideration of a different healthcare structure? It would be a valuable service to the Country.
Maybe as Australia - where we are told so many are now going. Or the best of the EU Countries?
All I've ever heard from them, their unions, young graduates and tedious old socialists is 'Ah, but...America', or something about Tories and their billionaire mates..

My experiences of healthcare globally, and in UK privately, have generally been good with patients treated as customers by motivated staff. The NHS however, is appalling. Just awful.

I'm sure many people go into public service with a desire to serve, but in UK it inevitably ends with teachers letting down the kids and doctors refusing to treat those in need until, yet again, 'their mouths get stuffed with gold'. (Labour's Aneurin Bevan, comrade).
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3 users thanked Jimmy Page for this post.
Joe Soap on 14/03/2023(UTC), Sara G on 14/03/2023(UTC), Arnoldy on 15/03/2023(UTC)
SteveCM
Posted: 14 March 2023 11:55:18(UTC)
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Whether they are medics or not, if this encourages anyone to continue working longer it will result in a larger amount of tax being paid vs. if those same people remove themselves from the labour pool and retire.

Given that there is a shortage of people to fill roles at all levels from entry level to senior/skilled/experienced this seems like a good thing to me and at a macro level generates more revenue for the government which is needed.
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4 users thanked SteveCM for this post.
Sara G on 14/03/2023(UTC), Jimmy Page on 14/03/2023(UTC), J Thomas on 14/03/2023(UTC), Jesse M on 14/03/2023(UTC)
OmegaMale
Posted: 14 March 2023 12:54:47(UTC)
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I'm sure it won't happen but an increase to the £3600 contribution limit for those not earning would be welcome, that number hasn't changed in donkey's years

OM
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5 users thanked OmegaMale for this post.
Jimmy Page on 14/03/2023(UTC), Sara G on 14/03/2023(UTC), Nigel G on 14/03/2023(UTC), Chalky W on 15/03/2023(UTC), Margaret D on 15/03/2023(UTC)
MBA MBA
Posted: 14 March 2023 14:13:09(UTC)
#18

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SteveCM;260681 wrote:
Whether they are medics or not, if this encourages anyone to continue working longer it will result in a larger amount of tax being paid vs. if those same people remove themselves from the labour pool and retire.

Given that there is a shortage of people to fill roles at all levels from entry level to senior/skilled/experienced this seems like a good thing to me and at a macro level generates more revenue for the government which is needed.


NICs maybe, but surely the whole point of sticking money in your pension is to avoid paying the said marginal tax you reference as a benefit.
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1 user thanked MBA MBA for this post.
Newbie on 14/03/2023(UTC)
Thrugelmir
Posted: 14 March 2023 21:56:51(UTC)
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OmegaMale;260704 wrote:
I'm sure it won't happen but an increase to the £3600 contribution limit for those not earning would be welcome, that number hasn't changed in donkey's years



What's the benefit to the wider economy though. Probably just result in more money being recycled.

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1 user thanked Thrugelmir for this post.
MBA MBA on 15/03/2023(UTC)
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