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Starmer

It’s called salary sacrifice with us, sounds like the same thing. I don’t understand pensions to be honest and it’s criminal that they don’t teach it in great detail in schools.
Pensions can be pretty complicated but the concept of compounding, early investment and tax relief isn’t. It’s criminal that ‘finance for life’ isn’t taught, and RE is (or was).
 
You're taxed on what you earn to put into a pension fund and you're taxed again on your pension when the time comes for you draw it.
Taxed to death us minions while multimillionaires and big business use their clever team of "accountants" to skip around the taxman, we all know it happens.
You will get tax relief when you contribute at least.
 
It’s called salary sacrifice with us, sounds like the same thing. I don’t understand pensions to be honest and it’s criminal that they don’t teach it in great detail in schools.
That’s it, one and the same thing.

Absolutely right about the educational aspect, but not just in schools. Legislation and regulation changes over time and this also needs to be cascaded to the older generation.
 
And thats why I can’t be doing with people from the same background as me and you coming over all superior. These days my family from back in the 80s would be labelled as scum benefit scroungers. Well no. We were just a family trying to do our best for each other. Yeah, we claimed when we needed to. I'll never be ashamed of that. I hate these “benefits are a lifestyle choice” dweebs. Don’t judge unless you’ve been there.
I'll be honest years ago I fell for that tabloid nonsense. The idea that benefit claimants are the source of all ills when you have corporate and individual tax dodgers (see the crumbling Barclay Family empire) fleecing us is one for the fairies.
 
I'll be honest years ago I fell for that tabloid nonsense. The idea that benefit claimants are the source of all ills when you have corporate and individual tax dodgers (see the crumbling Barclay Family empire) fleecing us is one for the fairies.
Fantastic post, yours and ECB's. (y)
 
I am still working at north or 66 years old , maybe I am one otf the lucky ones still in good health .

Now all my current hard earned will be taxed against my personal allowance , working for nothing .

Spoke to my FA regarding future plans on taxes regarding State and Private Pensions .
In the dark as much as I am .

More taxes are the way forward now .
 
Been told this morning by a former County Counsellor that you don’t pay NI once you reach 65, he was pretty sure on that, as he didn’t once he reached 65.
 
I am still working at north or 66 years old , maybe I am one otf the lucky ones still in good health .

Now all my current hard earned will be taxed against my personal allowance , working for nothing .

Spoke to my FA regarding future plans on taxes regarding State and Private Pensions .
In the dark as much as I am .

More taxes are the way forward now .
I am 72 and stopped paying national insurance when I was 65 but that threshold has since risen to 66 and due to rise to 67 in 2026. I am still working part time and therefore still getting paid as well as receiving my state pension and all my income is taken into consideration for tax. If I wasn't earning, I wouldn't be paying any tax as my state pension alone would be below the tax free threshold. Not sure about your "working for nothing" comment though, as I only pay tax on income above the personal allowance of £12,570pa, just as I always did, so my take-home is 80% of everything over that figure as there's no NI deducted and I'm happy with that.
 
Been told this morning by a former County Counsellor that you don’t pay NI once you reach 65, he was pretty sure on that, as he didn’t once he reached 65.
You stop paying NI once you reach state pension age (slightly different rules for the self employed).
 
I am 72 and stopped paying national insurance when I was 65 but that threshold has since risen to 66 and due to rise to 67 in 2026. I am still working part time and therefore still getting paid as well as receiving my state pension and all my income is taken into consideration for tax. If I wasn't earning, I wouldn't be paying any tax as my state pension alone would be below the tax free threshold. Not sure about your "working for nothing" comment though, as I only pay tax on income above the personal allowance of £12,570pa, just as I always did, so my take-home is 80% of everything over that figure as there's no NI deducted and I'm happy with that.
Good on you, Dave.
 
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