Phoenix Share Discussion Threads

[pete160] 23/7/2024 23:08

I suspect the Govt will reduce the top level of tax relief from 45% and increase the lower level to 30/32%, but at the same time they will increase the minimum contributions from employers into stakeholder pension funds, and decrease the starting age and wage limits of when people qualify.In Labour's view this is levelling up - and also handily, getting someone else to pay for their seeming 'generosity' whether that be higher earners or employers.So, on balance, there will be more money saved in pensions, which will be good for pension companies such as phnx, lgen, av, etc.

[yump] 23/7/2024 22:46

Someone mentioned shipbuilding which reminded me of this:

[lippy4] 23/7/2024 22:04

reeves should try and reduce the pensions of the civil service to save the country money instead of us ..

[williamcooper104] 23/7/2024 21:22

Taxes are only going up Not sure they'll do that as it would be a nightmare for defined benefit schemes But they'll hit us with something

[fenners66] 23/7/2024 21:09

Possible labour plans to change tax relief on pension contributions , by definition would reduce the contributions given over to the pension companies and thus reduce their future assets under management...

Touted as possible..

From the Express



Rachel Reeves says 'we will turn our attention to pensions'


It has now emerged that the Chancellor is "expected to consider" Treasury proposals for a flat 30% rate of pension tax relief.

The move would result in an effective 10% tax hike on retirement contributions by higher-rate taxpayers, and could affect up to 6 million Brits.


A 30% flat rate of tax relief would be the equivalent of a £2.7 billion increase in tax, according to the IFS.

While it would save the bottom 80% of earners around £230 a year, the top 10% would see a tax hike of a whopping £2,600.

However proposals to set the flat rate at 20% would represent an eye-watering £15.1 billion - the equivalent of a 2p rise in the basic rate of income tax.

[spud] 23/7/2024 17:46

MRF - Sometimes less is more AKA Keeping yer gob shut if you've nothing of use to say. You might just want to try it sometime. spud

[jubberjim] 23/7/2024 17:12

Spud

Wisdom ?

Shoorely some mistake


A.W.

[my retirement fund] 23/7/2024 17:02

Speak up then Spud, let's all hear your earth-shattering wisdom on Phoenix.

[mcunliffe1] 23/7/2024 15:58

There's a report here on the UBS note - from Int. Investor.


Whilst UBS still selects Aviva as its number one choice it places LGEN and PHNX in joint third place.

[jubberjim] 23/7/2024 15:55

Spud (AW)

'Tik Tokk

[spud] 23/7/2024 15:43

Can some kind soul please point me in the direction of the Phoenix thread please..?

TIA

Spud

[jubberjim] 23/7/2024 15:30

I don t even try to understand much of what has been written and discussed here but under the current market conditions serves a purpose namely.

Keeps me occupied and I do learn a little from the discourse.

I have my own views (stay away long of cash) at moment but in the absence of any idea as to where the market goes next is very useful.

I have stated my preferred option vis a vis Phnx/Lgen but in the absence of any discernible movements in either have and am staying on sidelines.

For the most part the debate ? has been rational and is not despoiled by the self serving 'Tik Tokkers'

Anyway thanks for letting the discourse flow

More cushions needed here for splinters and any sudden falls.

Roll on the St Ledger

Good luck everyone

[williamcooper104] 23/7/2024 14:36

Yes true, albeit quite a few Jamie's have been taken by Richard Carring for his roll out of the Ivy and that seems be going a lot better (especially as by time it isn't Carring will be long gone)

[my retirement fund] 23/7/2024 14:27

Williamcoper, wow, silly boy! A painful lesson. The idea was nice, but good quality, well sourced food rolled out for the masses in the UK was never going to work. You'll notice his franchised chains around the world in areas where you do not have crazy output taxes seem to still be doing well. I spotted one on a recent Cruise with Royal Caribbean and noticed a few in Dubai the other week.

[fenners66] 23/7/2024 14:26

Apparently China announced yesterday they are raising their state pension age , as they have realised it is unaffordable too.
As I heard it on the radio , women who do manual jobs can currently retire at 50 others retire at 55.
Plans may be to raise the age to 65 over time , since their average life expectancy has risen from age 36 in 1949 to 78 now.

Unfunded pensions ? Yes pretty much everywhere - pensions need to be defined contribution and especially for public sector.

If it was not so politically sensitive I'm sure we would be well on the way to privatising state pensions as defined contribution by now , obviously the tax relief and "contracting out" were the start of that ambition. But with inflation and a triple lock moving people away from funding the current pension through NI/tax looks ever further away

[cyberbub] 23/7/2024 13:58

PJ84, you're correct that the LGPS schemes are funded schemes. That's one of the reasons I'm very happy to be in one!The NHS, Police, and of course the state pensions are unfunded - what I like to call 'promise pensions'. Essentially they rely on promises made by governments today, that governments of the future will be willing (or able) to provide those pensions.

[fenners66] 23/7/2024 13:58

MRF said "nothing beats a decent regulated financial advisor"

Given my experience I would say that either
1 - you are entiriely wrong in your assertion "nothing beats" as many on these boards I'm sure have / are beating
both the markets and the first quartile of pension funds
or

2 - There are VERY few "decent" advisors , who to not be beat at all must be in the top 0.000001 % of financial advisors and are therefore by definitiion not open to be known or used by the population.

In summary therefore your statement is essentially useless.

[williamcooper104] 23/7/2024 10:54

From memory unfunded pension liabilities are about the same as the national debt (as in outstanding gilts) About time it was bought on balance sheet and the myth of NI being a pension pot was ended No politician of any stipe has the guts to say what many of them know; it's either mass immigration or cuts to the NHS and pensions as pensions/NHS are not sustainable if the ratio of workers to retired gets to far out of whack One day robotics/AI could plug the gap; but we are still a long way aways from that

[williamcooper104] 23/7/2024 10:48

On a bit off topic - but public sector pensions It's all Enron like accounting Unfunded pension liabilities are off balance sheet Whereas increasing public sector pay hits the national accounts So what should happen is that public sector pensions get hit and salaries get increased; but that's worse for our national accounts

[williamcooper104] 23/7/2024 10:44

Corporate tax to long as it's got attractive investment allowances and isn't at extreme levels isn't a bar to good companies, it just gets priced into the share price Tax like business rates however is a different story; that's just adding operational leverage Anyways - sorry all - off topic and shall try to refrain

[williamcooper104] 23/7/2024 10:40

It's worse than that - he put in £10m before it went bust without getting a debt haircut