Government pension b__tards and taxes

Feb 03, 2011 1 Replies

Just read on the Hargreaves sight that drawdown rules are to be changed such that one can only take 100% of similar annuity per year - was 120%.



Couple that with one can only empty a pension pot (like SIPP) if you have 20K per year of other pensions.



Why are governments in league with the pension /annutity companies ?



Make no mistake, this and the previous govt are making the upper working classes and middle classes pay for everything. And note the LOWERING of the threshold for 40% income tax. Hell, a Nissan car assembler in Sunderland with plenty overtime is going to be pushing into 40% income tax.



SIPPs are only worthwhile if you're at 40% tax; otherwise an ISA route of saving is best.



Why save any money at all ? If you need care in old age, they punish you for it.


They are in the business of making sure that people don't deplete their pension, spend it on a round the world cruise and then lounge around claiming off the state.

tim

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