New Home Owners And Snagging Forum
Investments => Cash ISAs and saving accounts => Topic started by: The Prophet on February 24, 2012, 12:36:49 pm
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The destruction of private pensions began with Gordon Brown's £5billion a year tax raid on pension schemes.
It is about to get even worse as George Osborne considers even more tax raids on Britain's pension holders.
Tax concessions currently worth around £7billion could be axed.
One of the plans being considered is the end of the 25% lump sum being taken tax-free.
Another consideration is capping the contributions tax relief at 20 per cent.
This would affect around 3.13million people, 10% cent of all taxpayers who are in the 40 per cent tax bracket.
It is estimated that this could reduce the average middle management's pension pot by up to £100,000.
Another target is the £800billion in assets that the National Association of Pension Funds represents.
George Osborne aims to get the trustees to invest their members’ billions into public infrastructure projects.
Add to this the scandal that surrounds the ever-decreasing annuity rates due to excessive and unnecessary Quantitative Easing and the incentive of private pension provision disappear completely.