Spring Budget 2023

[robfosters]

I would very much like to see this too.
I'm guessing it will be the axe for PIP and other non-means-tested benefits.

PIP not being axed at all. You will need PIP to get the disability part of UC. PIP will never be done away with.

 

[Rilot]

Just posted the white paper above. #309

Yup, thanks. Just reading it now.

 

[UTmaniac]

Well the abolishment of the LTA is certainly going to do one thing.

Increase the rich/poor divide of pensioners even further.

Won't this also massively reduce tax revenues that can be be spent on NHS etc. ?

 

[Uther]

I would very much like to see this too.
I'm guessing it will be the axe for PIP and other non-means-tested benefits.

Edit: I was wrong. It all falls under the PIP assessment. That will be fun for those who haven't been through that before. It's a joyous process.

Unfortunately so.

 

[Devilman]

Unfortunately so.

Is it worse than the previous / existing Capacity For Work assessment?

 

[ChrisD.]

So you got plenty of time to get making babies then.

That’s helpful when people have children under the threshold and the new rules don’t apply to them.

 

[jpaul]

The baby benefit is academic without increase of supply of creche places .. so check that before your pregnancy.

 

[blairw]

Abolishing the LTA is a great move - I'm only 34 so my pension has a long way to grow if compound interest does it's magic so I'd have been hitting the previous limit and would have likely had to curtail contributions in the future

 

[dlockers]

Abolishing the LTA is a great move - I'm only 34 so my pension has a long way to grow if compound interest does it's magic so I'd have been hitting the previous limit and would have likely had to curtail contributions in the future

Yep. I'm definitely going to bin the EV now.

 

[EddScott]

Won't this also massively reduce tax revenues that can be be spent on NHS etc. ?

There will be less pensioners relying on the NHS because they can afford private healthcare.

Or less pensioners overall because they've all moved to Southern France, Spain or Florida.

 

[krooton]

Abolishing the LTA is a great move - I'm only 34 so my pension has a long way to grow if compound interest does it's magic so I'd have been hitting the previous limit and would have likely had to curtail contributions in the future

So rather than making you choose to work longer, you can still retire early, just rather than putting money back in to the economy before you retire, you can just put more in to your pension.

Tory 4D chess working as intended.

 

[throwaway4372]

So rather than making you choose to work longer, you can still retire early, just rather than putting money back in to the economy before you retire, you can just put more in to your pension.

where do you think pension money goes?

 

[Uther]

Yep. I'm definitely going to bin the EV now.

They'll string you up in the EV thread.

 

[krooton]

where do you think pension money goes?

In to the economy later, and with less tax receipts
We kinda need both happening now.

 

[thenewoc]

where do you think pension money goes?

foreign cruise liners

 

[200sols]

The tax free lump sum will be limited to 25% of the current LTA.

 

[DJMK4]

Nothing in the budget then which will soften the blow on those that need to remortgage

 

[Uther]

The tax free lump sum will be limited to 25% of the current LTA.

Well that will have ****** on some peoples chips.

 

[EddScott]

where do you think pension money goes?

Currently down the pan with the rest of the stock market.

The increase in the annual allowance just means people can lose money quicker

The tax free lump sum will be limited to 25% of the current LTA.

I would expect this to be tweaked before April 24 when LTA is abolished altogether. Not that I'm particularly in favour of no limits on taking the tax free lump sums.

I would have thought 25% of a very large pension pot would be spent in the economy - or on foreign cruises.

Although, assuming the pensioner is over 75, the pension might still be taxed through the beneficiaries. "Pension Freedoms" effectively turned very large pensions into family trusts of sorts.

 

[blairw]

I am getting huge *potential* benefit from it but I'm not the primary target at the moment, this is all about a carrot to the high earners who are in the twilight of their professional career, particularly surgeons etc, to get some more years out of them - they are probably at or approaching the current LTA limit, giving them the opportunity to do another 5 years, getting another 300k into the pot tax free when they are starting to really weigh their pot towards cash/bonds, could be really appealing.