If the government made me pay my staff more pension, then I would just close up .what they need to do is stop given over the top pay rises .make all public workers pay their own pension and stop spending billions on refugees and foreign aid .also start sorting out the grey market plumber builders sparky etc earn very good money but do pay much tax
Will very much depend on their ongoing definition of “working people” public sector very much fits that definition at present. Given looming pension poverty in UK unlikely to touch public sector schemes.
Yes, public sector employers pay 23-28% contribution into their employees' pensions, vs 3-10% in the private sector. And some retire a lot earlier. All ultimately paid for by the taxpayer.
@@mattgoodwin-king2228typical Labour stupidity. The ISA providers don’t want to move things away from foreign markets because they all make more from FX fees than they do on UK trades. If you don’t understand it then don’t use it. Personally I’d like to see an extra 5k on ISA allowances, but that’s not going to happen. The stupid thing is that it is simple to invest now. It’s not expensive either with companies like freetrade and trading 212. Spend 10 minutes on UA-cam and crack on.
The worst thing is the uncertainty from them being turned into a political football & tax cash cow. Coming after Gordon Brown's ACT tax raid, that near destroyed DB pensions in the private sector, it's almost as if the govt are determined to get everyone to become dependent on the State.
Restricting pensions tax relief won't work, it is easily avoided by making the contributions via salary sacrifice which would in turn require a benefit in kind tax on employer contributions which is where the fun begins. A firefighter on 45k who has 3 kids and a degree will have a marginal deduction rate in excess of 90%. Its true of other public sector workers and I can see it being over 100% if applied fairly (that is no special rules)
Currently it tax at 20% rising to 40%, NI rate 2% to 8%, Child benefit withdrawal 15.5%, student loan 9%, & pension contributions 12.9% less tax. Firefighters employer pension is valued at 36.7% of salary so increases PAYE by 7.3%, child benefit removal a further 5.7%, student loan a further 3.3% and pension contributions restricted to Basic rate relief an extra 2.6% totalling 99.1% deductions A pension rate of 38.7% would lead to 100% marginal rate deductions unless you can spot an error
If the government made me pay my staff more pension, then I would just close up .what they need to do is stop given over the top pay rises .make all public workers pay their own pension and stop spending billions on refugees and foreign aid .also start sorting out the grey market plumber builders sparky etc earn very good money but do pay much tax
Will very much depend on their ongoing definition of “working people” public sector very much fits that definition at present. Given looming pension poverty in UK unlikely to touch public sector schemes.
Yes, public sector employers pay 23-28% contribution into their employees' pensions, vs 3-10% in the private sector. And some retire a lot earlier. All ultimately paid for by the taxpayer.
9:57 Nobody complains that there are too many car options to choose from, so why should multiple isa options be a problem?
True. I don't think the 4 ISA types are at all complicated. I would have welcomed adding the British ISA too.
@@mattgoodwin-king2228typical Labour stupidity. The ISA providers don’t want to move things away from foreign markets because they all make more from FX fees than they do on UK trades.
If you don’t understand it then don’t use it.
Personally I’d like to see an extra 5k on ISA allowances, but that’s not going to happen.
The stupid thing is that it is simple to invest now. It’s not expensive either with companies like freetrade and trading 212. Spend 10 minutes on UA-cam and crack on.
@@davideyres955 Absolutely David. And yes I am maxed out and was looking forward to an extra 5K allowance.
Because those in authority assume everyone else are helpless morons!
Making pensions part of the estate seems unfair when death in service benefits are not as they both are methods of caring for dependents
If the clowns in charge play too much with pensions, people will go underground with their wealth .we need a reason to save .
The worst thing is the uncertainty from them being turned into a political football & tax cash cow. Coming after Gordon Brown's ACT tax raid, that near destroyed DB pensions in the private sector, it's almost as if the govt are determined to get everyone to become dependent on the State.
Restricting pensions tax relief won't work, it is easily avoided by making the contributions via salary sacrifice which would in turn require a benefit in kind tax on employer contributions which is where the fun begins. A firefighter on 45k who has 3 kids and a degree will have a marginal deduction rate in excess of 90%. Its true of other public sector workers and I can see it being over 100% if applied fairly (that is no special rules)
Currently it tax at 20% rising to 40%, NI rate 2% to 8%, Child benefit withdrawal 15.5%, student loan 9%, & pension contributions 12.9% less tax. Firefighters employer pension is valued at 36.7% of salary so increases PAYE by 7.3%, child benefit removal a further 5.7%, student loan a further 3.3% and pension contributions restricted to Basic rate relief an extra 2.6% totalling 99.1% deductions
A pension rate of 38.7% would lead to 100% marginal rate deductions unless you can spot an error