20-03-2014, 07:16 PM
11
Re: The Budget.
I think the consensus is that the budget was a pretty good one and most people got something out of it. Ignoring the headlines though, a lot of the detail related to business investment and help for businesses, which of course helps everyone in the long term. As the Chancellor said on TV this morning governments are there primarily to create the right conditions for business and people to succeed rather than do everything for them, and I think that they are now succeeding in creating those conditions and the economy is finally heading in the right direction.Good news by the way regarding Hitachi moving their global train manufacturing division to Newton Aycliffe, just another sign that Britain is getting to be one of the better places to invest in.
20-03-2014, 07:26 PM
12
Re: The Budget.
I'm desperately waiting for NHS Pensions to write to me following my form application last week. I would like to know if the current change affects me, as in, can I take the whole pot instead of buying an annuity? It will be small, I know that, cos I've not paid in for that long, but as I presently receive another occupation pension (started 1.1.2004), would it still be considered as lumped in with that, or...because I am not planning on taking any other pension at this stage, would it be small enough to let me have as a whole.Confused? You betcha!
*watching the daily post eagerly*
20-03-2014, 07:28 PM
13
Re: The Budget.
Oh, some of the big pension providers have had billions knocked off their shares. One of them, the Pru, is paying out my occy pension.Arghhhhh! I know money was paid into my pension account pre 1.1.04 (a lot, I found the statement), but hope they don't lose it.
20-03-2014, 07:41 PM
14
Re: The Budget.
Originally Posted by Grumblewagon
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Alan, surely the tax free allowance goes up to £10k this year and £10,500 next year.20-03-2014, 07:49 PM
15
Re: The Budget.
Originally Posted by Jazzi
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I'm desperately waiting for NHS Pensions to write to me following my form application last week. I would like to know if the current change affects me, as in, can I take the whole pot instead of buying an annuity? It will be small, I know that, cos I've not paid in for that long, but as I presently receive another occupation pension (started 1.1.2004), would it still be considered as lumped in with that, or...because I am not planning on taking any other pension at this stage, would it be small enough to let me have as a whole.Confused? You betcha!
*watching the daily post eagerly*
20-03-2014, 09:59 PM
17
Re: The Budget.
Originally Posted by Grumblewagon
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As for taking your pension pot, I understand that you can take 25% tax free and the rest is still taxed at your marginal rate instead of the current 55%. For a small pot, this would not be too much, but for a large one (say £500k), there would still be a very high tax burden.Think I'll stay with my occupational pension.
This way the tax still remains at only 20%.
21-03-2014, 10:47 AM
18
Re: The Budget.
Quite right Brian. A bit academic for most people as I've read that the average pot is only around £30k.I also understand that this new scheme does not apply to people already receiving annuities or those with final salary pensions so that lets me and the wife out.
21-03-2014, 02:10 PM
19
Re: The Budget.
I only joined the NHS in 2004 on about £14k pa salary. After 2 1/2 years I went down to 4 days/week. I left after a further year.On 31.12.2007 I joined another NHS hospital, on the temporary staffing bank. Poor hourly rate, and not all full time. Therefore I know the pot won't be big. Just hoping it'll be under £10k so I can take the lot.
Gonna ring them now for an update.
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