Wages down 2% from April - pension

[Calahonda]

My wife and my state pensions amount to over £21K p/a, so a lot better than a safety net. Our combined personal pension income just takes us into taxation by a few hundred pounds p/a, after transferring part of my wife’s unused personal allowance to me. We decided years ago that we would just take advantage of employer contributions and invest our money elsewhere, this has proved to be a retrospectively good idea, as neither of us are taxed on any of our investment income, plus the capital is still there to dip into and finally to pass on.

Edited April 7, 2018 by Calahonda

[ECCOnoob]

What the government should be doing is massively increasing the tax take from affluent middle-class liberals in the higher tax bracket to pay for the pensions of the very low paid. Auto-enrolment will scarcely benefit the poorest, while reducing their already very low incomes even further.

 

We need to squeeze the rich.

 

Do you know something. Your attitudes and prejudices absolutely stink.

 

Firstly what has anyone's class and social leaning got to do with income.

 

There are plenty of scum class extreme right wingers, benefit cheats, cash in hand traders who have just as much money in the bank. There are even more left wing nutjobs, champagne socialists and cultish corbynites who have just as much money in the bank.

 

Secondly, why the hell should this perceived "middle class" affulent population have to sub additional retirement plans for lower earners. They already pay their taxes and NI contrubutons into the national pot just like everyone else.

 

You make it sound as if lower earners can sit on their backsides and make no contribution whatsoever towards their own retirement. After all, those more hard working higher earning people will just sort them out eh????

 

How about everyone takes a responsibility instead. Its all relative after all

 

Say a rough amount of 3% contribution.

 

A lower earner on minimum wage would put in around £38 a month into a pension. That so called "rich" person earning £45k a year would have to put in £112 a month. A so called high earning elitist corporate scumbag earning £80k a year would have to put in around £200 a month. How about the uber rich like those monsters you hate so much at the BBC earning their six figure salaries, well they get hit with anything from £250 a month.

 

Lets also not forget that unlike the "middle class" and "rich". Those minimum wage earners pay less than £1,500 a year on tax and NI compared to £11k deductions / £25.5k deductions and £33k+ deductions the other respective earners pay.

 

What exactly is the problem here. The more you earn the more you put into your own pension. Hardly rocket science is it.

 

You claiming that is unfair?

Edited April 7, 2018 by ECCOnoob

[truman]

What the government should be doing is massively increasing the tax take from affluent middle-class liberals in the higher tax bracket to pay for the pensions of the very low paid. Auto-enrolment will scarcely benefit the poorest, while reducing their already very low incomes even further.

 

We need to squeeze the rich.

 

Who are these people ? What do they earn? You're startring to sound like Wolfie Smith...If people don't want to be in a pension then that is entirely up to them...

[ez8004]

You will get taxed when you start getting your pension though,dont forget that,it shocked my father when he started drawing his private pension.

 

Why is that even a surprise? You pay income tax on income, doesn't matter where it's from.

 

---------- Post added 08-04-2018 at 00:01 ----------

 

What the government should be doing is massively increasing the tax take from affluent middle-class liberals in the higher tax bracket to pay for the pensions of the very low paid. Auto-enrolment will scarcely benefit the poorest, while reducing their already very low incomes even further.

 

We need to squeeze the rich.

 

I am confused. Do people who earn more and invest it wisely not deserve to also have a better retirement?

 

Also, why are you targeting liberals in particular? Do I deserve a tax break if I am more xenophobic and right wing?

[Calahonda]

What the government should be doing is massively increasing the tax take from affluent middle-class liberals in the higher tax bracket to pay for the pensions of the very low paid. Auto-enrolment will scarcely benefit the poorest, while reducing their already very low incomes even further.

 

We need to squeeze the rich.

 

Ah, the politics of envy, if you can’t make it yourself take it from those who can. There are some cracking salaries in the public sector by the way, however towing the party line is not my style.

 

And as for the poorest, have a look outside any Wetherspoons, where the great unwashed are smoking £11.00 a pack ciggies as though they are going out of fashion, whilst throwing pint after pint down their undeserved necks.

 

What we actually need is hungry young folk with a plan, they will start the multi nationals of the future, they will create employment and tax revenue, not to mention being the target of the hate brigade.

[Cyclone]

What the government should be doing is massively increasing the tax take from affluent middle-class liberals in the higher tax bracket to pay for the pensions of the very low paid. Auto-enrolment will scarcely benefit the poorest, while reducing their already very low incomes even further.

 

We need to squeeze the rich.

 

You've confused middle class with rich.

[alankearn]

You will get taxed when you start getting your pension though,dont forget that,it shocked my father when he started drawing his private pension.

 

---------- Post added 07-04-2018 at 09:28 ----------

 

I am considering withdrawing from the scheme,i will not be making a lot before i get to retirement age and with the interest rates as they are pensions are not making a lot.I just buy lots of shares each month and invest.Makes me a lot more than a savings account and a pension does.If you are young its worth doing but not when you are knocking on the door of your mid fifties.A pensions advisor at work told me that i really needed to be investing 50 percent of my wages each month to have a good retirement,i had to laugh.:hihi:

 

If your State and Private pensions total less than £11500 (2017/18 tax allowance) you should be able to claim a tax rebate and if it is this below this figure you may be apply be able to have the pension paid free of tax on a regular basis

[Ms Macbeth]

If your State and Private pensions total less than £11500 (2017/18 tax allowance) you should be able to claim a tax rebate and if it is this below this figure you may be apply be able to have the pension paid free of tax on a regular basis

 

It's also worth knowing for married couples, if ones income is over the tax threshold and the others is below, part of the allowances can be transferred.

https://www.gov.uk/marriage-allowance

Edited April 9, 2018 by Ms Macbeth

[Calahonda]

I like to think of myself as a compassionate person, but I draw the line when it comes to the pretence of caring for people at the lower end of the income scale, in order to fuel hatred of those at the top of it. I am a great believer of wealth creation and am totally adverse to wealth destruction, this equality malarkey will never work while some consider themselves to be more equal than others.

Edited April 9, 2018 by Calahonda

[Car Boot]

Roughly, a pension pot of around £100,000 could provide an income of about £5,000 in retirement, although the exact amount would depend on individual circumstances such as health, precise age and how somebody chose's to draw an income.

 

How many low income people can achieve a pension pot of £100,000 when they retire, combined with employer contributions? Not many, even with a lifetime of contributions.

 

Someone looking to achieve an income of £27,000 a year at retirement would need a pension pot of around £500,000, whereas if you wanted an income of £40,000, you’d need a pension pot of around £1m.

 

The poor will simply be paying towards their own state pension with auto enrolment, despite what any current government states.

 

---------- Post added 13-04-2018 at 09:01 ----------

 

I like to think of myself as a compassionate person, but I draw the line when it comes to the pretence of caring for people at the lower end of the income scale, in order to fuel hatred of those at the top of it. I am a great believer of wealth creation and am totally adverse to wealth destruction, this equality malarkey will never work while some consider themselves to be more equal than others.

 

People at the lower end of the income scale are the REAL wealth creators, through low paid hard work, which enhances growth and stimulates cash flow in the economy by the spending of their wages. Those at the top of the income scale, and many in the middle these days, keep economic growth low by saving their income and refusing to redistribute wealth. Preferring instead to invest in property (raising property prices) and investing in stocks and shares.

 

The least well paid jobs are often the most socially valuable. People at the bottom end of the income scale work harder, do work that is more valuable to society than those at the top and redistribute their wealth more, to the benefit of the economy.