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Old 25 Nov 20, 06:58 PM  
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#61
Pumpkin Pie
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Originally Posted by 123 View Post
I mean I've still got a few years to go, but I already know that based on predictions of my private pension plan and the state pension I will be paying 40% tax as an OAP - unless they chnage the system (which given it is 20 years away they certainly could)
Not read the details but changes to future private pensions have been mentioned in today announcements.
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Old 25 Nov 20, 07:18 PM  
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#62
munmun
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Originally Posted by WhereIBelong View Post
I have my so called "gold plated" civil service pension and dont get near it either.
As said before income in retirement may not be all about pensions. It depends on other assets, income from investments, property etc is all counted toward a pensioners income and therefore the tax paid.
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Old 25 Nov 20, 07:23 PM  
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#63
disney332
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Originally Posted by Pumpkin Pie View Post
Not read the details but changes to future private pensions have been mentioned in today announcements.
By inference a private pension is a defined contribution plan

Those affected by todays announcement have a company pension or defined benefit (final salary)

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Old 26 Nov 20, 01:11 AM  
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#64
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I think those affected today are private sector defined benefit pensions only. Public sector defined benefit pensions concerted to CPI some time ago.
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Old 26 Nov 20, 08:27 AM  
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#65
cornishfrogboy
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Originally Posted by FamilyGWales View Post
I think those affected today are private sector defined benefit pensions only. Public sector defined benefit pensions concerted to CPI some time ago.
Yes. Gideon messed up the public service ones in 2010. I have had 10 years of CPI, rather than RPI already on my police one.

I start collecting my NHS one in 2026. That has also been subject of CPI since 2010 and is now average salary rather than final.

I have already been shafted twice by the government, who have effectively reneged on the contracts that I signed with them. I wish that I could just amend a contract in my favour whenever I so wished!
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Edited at 09:06 AM.
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Old 26 Nov 20, 09:24 AM  
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#66
tspill
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Originally Posted by 123 View Post
I mean I've still got a few years to go, but I already know that based on predictions of my private pension plan and the state pension I will be paying 40% tax as an OAP - unless they chnage the system (which given it is 20 years away they certainly could)
You must have an amazing pension. To be paying HRT on your pension you must have done amazingly well. If your private pension a DB scheme?
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Old 26 Nov 20, 09:29 AM  
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#67
tspill
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Originally Posted by cornishfrogboy View Post
Yes. Gideon messed up the public service ones in 2010. I have had 10 years of CPI, rather than RPI already on my police one.

I start collecting my NHS one in 2026. That has also been subject of CPI since 2010 and is now average salary rather than final.

I have already been shafted twice by the government, who have effectively reneged on the contracts that I signed with them. I wish that I could just amend a contract in my favour whenever I so wished!

Is the issue not that older government pensions used the word "Inflation" in their terms as there was no CPI/RPI when they were written. The government then decided that this ambiguous term could be interpreted as CPI which is generally lower. This then formally changed many years ago. Other pensions (like mine) used RPI in the wording and therefor companies were bound by this. I know my company has been to court a few times to try and change this - and failed. So in 2030, my yearly rises will likely be CPIH which is a bit lower than RPI.
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Old 26 Nov 20, 09:33 AM  
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#68
tspill
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Originally Posted by disney332 View Post
By inference a private pension is a defined contribution plan

Those affected by todays announcement have a company pension or defined benefit (final salary)

Disney332
If it is a DC pension, and removing SP, needs to generate an income of 42K (to pay HRT); Assuming a 2.5% withdrawal rate. they would need a DC pot of £1.68 million. Very nice.
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Old 26 Nov 20, 10:39 AM  
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#69
ERICSMUM
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I saw this CPI issue on my company FB page. Currently my annual final salary pension increases are based on RPI.

My understanding is this change will mean my annual pension increase will be less ?

Am I missing anything that would reduce the pension in addition ?
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Old 26 Nov 20, 05:09 PM  
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#70
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Just found a line buried in the spending review paperwork.

The govt will increase the 2021-2022 income tax personal allowance and higher rate threshold in line with the September CPI figure (which was 0.5% I think) . Will also use the CPI fig as the basis for setting all NI limits and thresholds and the rates for class 2 &3 contributions.

So slight threshold gain, but nothing as yet about the rates. I suspect that won't be an easing !

So by my calcs PA should go to 12570.

Edited at 11:50 AM.
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