The Welsh Government

[Niigata Jack]

Max, back to the topic of playing the system (legally). Make some enquiries with your employer regarding increasing your pension contribution as a means of reducing your tax burden.

In a nutshell, the gross wage is paid into the pension fund before any deductions are applied. The downside is that the money is in your pension and not your bank. However if you’re at the age where drawing a pension is in sight then that’s surely something to contemplate. It gets a little more complex when you start drawing the pension (as there are different options), but nothing that cannot be explained.

I've increased my contributions to my private pension significantly these last couple of years, so that should reduce my tax or not ?

 

[Smurph]

Cuts in Public services be fucked I think we're on the bare minimum as it is, council tax keeps going up and nobody I speak to can see how they can justify it.

It would only get worse if we became independent. Thankfully it's highly unlikely to happen.

I might go to one of these independent marches with a clip board and ask how they plan to close the 13.5bn fiscal gap.

 

[Cooperman]

I've increased my contributions to my private pension significantly these last couple of years, so that should reduce my tax or not ?

Is it done via your employer and a salary sacrifice/exchange scheme? If so then yes, you’ve not paid any tax on the contribution that you have made. That contribution will also typically grow at 4% compounded each year (4% is not guaranteed of course as it will be linked to stock market, bonds market, etc. but that’s for your provider and their fund manager to worry about).

 

[Neath_Jack]

The narrative of being brave and throwing off the shackles is why the majority of the nation don't take independence seriously.

The fact we now have a Labour government in both Downing Street and the bay should also dispel the myth of Westminster choking us.

**Edit** Just had a quick look at the commission report and in the 160 pages the details on how an independent Wales would fund itself is very vague. There is only a certain amount of tax to go around.

This view is presented, ignoring the fact that belonging to ‘the Union’ leads to tax rises and public service cuts by the Westminster government, tax rises that don’t particularly benefit Wales and public service cuts that impact on the Wales public, imposed without Wales consent on a regular basis.

It is a view of independence, viewed through the prism of the present constitutional arrangements. The economics of an independent Wales is quite different.

An independent Wales will have economic and financial tools not available to the present Welsh government. It will be a sovereign state, with a sovereign currency and a Central Bank.

Not my words unfortunately, but explains things a lot better than I ever could. I’ll never profess to knowing all the answers, but I will look at it from a positive slant and not a “poor little Wales, how will we ever cope”. That way
minds will always be closed to the idea, no matter what.

Uppafuckingindependence

 

[Niigata Jack]

Is it done via your employer and a salary sacrifice/exchange scheme? If so then yes, you’ve not paid any tax on the contribution that you have made. That contribution will also typically grow at 4% compounded each year (4% is not guaranteed of course as it will be linked to stock market, bonds market, etc. but that’s for your provider and their fund manager to worry about).

No its my private one, I haven't been with this company that long 18 months ish.

 

[Smurph]

This view is presented, ignoring the fact that belonging to ‘the Union’ leads to tax rises and public service cuts by the Westminster government, tax rises that don’t particularly benefit Wales and public service cuts that impact on the Wales public, imposed without Wales consent on a regular basis.

It is a view of independence, viewed through the prism of the present constitutional arrangements. The economics of an independent Wales is quite different.

An independent Wales will have economic and financial tools not available to the present Welsh government. It will be a sovereign state, with a sovereign currency and a Central Bank.

Not my words unfortunately, but explains things a lot better than I ever could. I’ll never profess to knowing all the answers, but I will look at it from a positive slant and not a “poor little Wales, how will we ever cope”. That way
minds will always be closed to the idea, no matter what.

Uppafuckingindependence

Good luck with finding the 13.5 billion needed

 

[Cooperman]

No its my private one, I haven't been with this company that long 18 months ish.

Did you opt out of your workplace pension? The 18 months bit is irrelevant as it’s not tied to length of service in any way. I think it’s auto enrol these days, so the only way to not contribute is by opting out.

 

[Niigata Jack]

No lm enrolled on the NEST EE pension scheme with the company, l pay 8% and they pay 3%. Not great but the wages make up for it l suppose