And the Tories are going to solve this by cutting their funding (again)
That really is a false economy.
Getting and keeping a criminal off the streets prevents multiple future crimes, and multiple future court cases.
Absolutely.
Justice delayed is - all too often - going to end up with justice not happening at all.
Are there statutes of limitations on some crimes which may mean such a delay effectively stops any trial taking place ?
I think the big issue is that witnesses move or forget or can be made to look like they're not sure. My guess is that there is a strong correlation between time to trial and conviction rates.
Not to forget that a criminal out on the streets while awaiting conviction is free to keep committing crimes for that time.
Its only once they're securely behind bars that there is a disruption to their criminal behaviour.
Its not like someone who committed a crime and was nicked then is out on bail for four years is going to be an angel in all that time. 🤦♂️
It also has to be enormously dispiriting for the police and the victims too.
Perhaps the most disturbing aspect of this is access to counselling for victims of crime. This has traditionally been frowned upon by the legal profession. We know rapid talking therapy is as important in some cases as rapid treatment of physical injury. New guidance has been published here, and is a huge step forward, but nowhere near enough.
However, even with this improvement, there are no more counsellors or therapists than there are lawyers, courts or HGV drivers. Victims need the case over and done with and the offender punished before real healing can begin. We are creating even more damaged folk with long-term PTSD and trauma.
I really don't think it possible to have a fair trial 4 years later. I think that a lot of the cases will just have to be written off in order that the time is reduced to a reasonable one. It will be a very stupid Justice Secretary that gets landed with that one. Step forward Dominic Raab...
And the Tories are going to solve this by cutting their funding (again)
That really is a false economy.
Getting and keeping a criminal off the streets prevents multiple future crimes, and multiple future court cases.
Absolutely.
Justice delayed is - all too often - going to end up with justice not happening at all.
Are there statutes of limitations on some crimes which may mean such a delay effectively stops any trial taking place ?
I think the big issue is that witnesses move or forget or can be made to look like they're not sure. My guess is that there is a strong correlation between time to trial and conviction rates.
Not to forget that a criminal out on the streets while awaiting conviction is free to keep committing crimes for that time.
Its only once they're securely behind bars that there is a disruption to their criminal behaviour.
Its not like someone who committed a crime and was nicked then is out on bail for four years is going to be an angel in all that time. 🤦♂️
It also has to be enormously dispiriting for the police and the victims too.
Perhaps the most disturbing aspect of this is access to counselling for victims of crime. This has traditionally been frowned upon by the legal profession. We know rapid talking therapy is as important in some cases as rapid treatment of physical injury. New guidance has been published here, and is a huge step forward, but nowhere near enough.
However, even with this improvement, there are no more counsellors or therapists than there are lawyers, courts or HGV drivers. Victims need the case over and done with and the offender punished before real healing can begin. We are creating even more damaged folk with long-term PTSD and trauma.
I really don't think it possible to have a fair trial 4 years later. I think that a lot of the cases will just have to be written off in order that the time is reduced to a reasonable one. It will be a very stupid Justice Secretary that gets landed with that one. Step forward Dominic Raab...
That's a very stupid Deputy Prime Minister, surely?
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
The problem with pension funds is that they are large pots of money, which the owners cannot easily protect from Chancellors with books to balance.
In my own job there would be a massive wave of early retirements (me included) if our pensions looked under threat.
Think of all the Covid vaccines that could be bought for the price of a "space tourist" ticket.
Whataboutery/drunk driver's fallacy.
Why whataboutery?
Because its private money.
There was no reason it would have gone on vaccines had it not gone on space tourism. It could have gone on women or drink, with the rest wasted, to quote George Best.
I think quite a lot of Bezos’s moneys already gone on Mackenzie
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Yes, it ain't a high wage economy if a) you don't get much of a payrise anyway, b) inflation is higher than that pay rise, and c) taxes and deductions take most of that nominal rise.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
There are definitely some meaningful & welcome steps in EU's proposals on NI Protocol. But the more I got into the texts, the less impressed I was. I also fear the EU overhyped them over past few days. A (long) thread setting out what is good & not so good in my view 1/....
I will also add at the start that, if these proposals had been tabled at any point in 2018/19/20, when the EU was saying many of these things were impossible we might not be in this mess. I fear even for the good bits it may now be too late. But lets take each part in turn 2/
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
Pension funds can already be invested into infrastructure and other non-equity based investments loads of funds do it already within the current fees structure and limits. In fact they do it very well because its extremely generous. This is an attack on working age people that the government hopes no one will notice or that by the time they do they'll all be out of power sitting on their own lovely taxpayer funded retirement incomes.
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Interesting. Today I heard from a friend that her two daughters were now working one in Paris the other in Zurich and she's just retired from advertising having sold her agency and spending her time between France and Switzerland. She's lovin' it as the old ad goes! I didn't ask why or even what they're doing but it's nice to know that Brexit hasn't killed adventurism dead at least for now.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
True, though even government nudging of where pension savings should go is somewhat oookey. If the investment is worth doing, it's worth doing anyway without the nudge. And increased fees are a killer for what are likely to be fairly small savings pots.
But I wouldn't trust my interpretation of this- I'm a physics teacher, after all.
But that does mean I understand exponential growth.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
Good point.
Great. Another hit on Daughter's business and her employees.
Bastards!
None of the 3 main parties are fit for purpose. All of them useless, greedy, corrupt, inept, cowardly and lying.
This is a hit on the employees, employers will see no increased cost. We're not a pensions provider so I don't have a ready made accruals calculator and I can't say for sure what the exact hit will be but it's going to he big. A working age person with 20-30 years worth of accruals will pay a huge, huge amount more in fees because of this and poorer people with Nest pensions will be handing their money over to the state.
Daughter is an employee of her business too.
It is a really stupid evil move. It levels down. Not up.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
Good point.
Great. Another hit on Daughter's business and her employees.
Bastards!
None of the 3 main parties are fit for purpose. All of them useless, greedy, corrupt, inept, cowardly and lying.
Watching Remainers praise the EU for adopting a position Remainers had previously praised the EU for insisting was impossible is enough entertainment to keep me going through the international break.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
Pension funds can already be invested into infrastructure and other non-equity based investments loads of funds do it already within the current fees structure and limits. In fact they do it very well because its extremely generous. This is an attack on working age people that the government hopes no one will notice or that by the time they do they'll all be out of power sitting on their own lovely taxpayer funded retirement incomes.
A 0.75%TER is not generous. I’d be surprised if there are many infra funds at that level - most active managers are >1% and infra higher than that
Edit: just googled fidelity foresight - a big infra fund from an active house with ok fees. 0.87% TER (0.65% annual management fee plus 0.22% transaction costs)
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
The government will remove the 0.75% management fee limit on pensions asset managers. That limit is a really good policy because pensions require a low fees structure to see any significant accruals over a long period of time. The transparently evil part is that the government itself is an asset manager of pensions via NEST so it is essentially changing the law so it can raise fees on its own assets under management.
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
If Webbe goes down the appellate route we might not see any by election until the latter half of 2022 or later.
The mess the courts are in I reckon a GE will have happened before the appeal.
What would the grounds for appeal be? Doesn't it have to be more than "I don't like the verdict"?
I would think safe Labour hold if they let the local party pick a good local candidate. Webbe was the worst sort of parachuted in candidate. If another is dropped in then bets would be off.
What's amusing is that the Corbynites were moaning for years about Blairities being parachuted into safe Labour constituencies. Then low and behold, once they got control of the party machine they parachuted in a whole host of awful Corbynite candidates into safe seats.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
True, though even government nudging of where pension savings should go is somewhat oookey. If the investment is worth doing, it's worth doing anyway without the nudge. And increased fees are a killer for what are likely to be fairly small savings pots.
But I wouldn't trust my interpretation of this- I'm a physics teacher, after all.
But that does mean I understand exponential growth.
That's the major issue here, it's attacking people who would currently end their careers with low six figure pots into people ending their careers with five figure pots. The additional fees generated will add up to so much less than the lost accruals too. It's literally a jam today policy.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
Good point.
Great. Another hit on Daughter's business and her employees.
Bastards!
None of the 3 main parties are fit for purpose. All of them useless, greedy, corrupt, inept, cowardly and lying.
Imagine the number of vaccines you could buy if Buck House was sold off for development.....
It would never be sold off for development, even if we were a republic it would be the residence of the President.
Prince William's comments that we should focus on problems on this planet before we spend vast sums on space exploration though I would expect to go down well with most voters. Personally I am in favour of space exploration
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
The government will remove the 0.75% management fee limit on pensions asset managers. That limit is a really good policy because pensions require a low fees structure to see any significant accruals over a long period of time. The transparently evil part is that the government itself is an asset manager of pensions via NEST so it is essentially changing the law so it can raise fees on its own assets under management.
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
So. It's a tax disguised as a fee? Similar to how a graduate tax was disguised as a student loan then? And an NI rise isn't a tax rise? Harrumph. Thanks @MaxPB.
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
The government will remove the 0.75% management fee limit on pensions asset managers. That limit is a really good policy because pensions require a low fees structure to see any significant accruals over a long period of time. The transparently evil part is that the government itself is an asset manager of pensions via NEST so it is essentially changing the law so it can raise fees on its own assets under management.
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
Isnt Nest essentially a mutual? The government's interest in it is a loan. From their annual report:
"Not for profit We aspire to operate as a not-for profit business over the long term. Once our loan from government has been repaid, our aim is that any surpluses generated should be reinvested in the interests of our members"
The Times suggesting that the EU has blinked. ECJ role to be several curtailed and a joint arbitration panel to be agreed.
If it's true then I think it closes the loop on Brexit.
It will be exactly the solution I suggested a couple of days ago - the NI only goods green channel, ECJ role reduced to contributor status and no checks on GB -> NI exports.
I'm really very glad everyone has stepped back and done what's right, big praise to the EU for compromising on it too.
Really hopeful that this is all settled for the foreseeable future and we can now move to having a much less confrontational relationship with the EU.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
It’s “officials working on proposals” which sounds like an options paper not a policy decision
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
Pension funds can already be invested into infrastructure and other non-equity based investments loads of funds do it already within the current fees structure and limits. In fact they do it very well because its extremely generous. This is an attack on working age people that the government hopes no one will notice or that by the time they do they'll all be out of power sitting on their own lovely taxpayer funded retirement incomes.
A 0.75%TER is not generous. I’d be surprised if there are many infra funds at that level - most active managers are >1% and infra higher than that
Edit: just googled fidelity foresight - a big infra fund from an active house with ok fees. 0.87% TER (0.65% annual management fee plus 0.22% transaction costs)
The government is buying in enormous size, and should get a discount. When I managed funds for Australian superannuation schemes we were often getting just 0.30% in fees. (Albeit TER will have been more.)
The Times suggesting that the EU has blinked. ECJ role to be several curtailed and a joint arbitration panel to be agreed.
If it's true then I think it closes the loop on Brexit.
It will be exactly the solution I suggested a couple of days ago - the NI only goods green channel, ECJ role reduced to contributor status and no checks on GB -> NI exports.
I'm really very glad everyone has stepped back and done what's right, big praise to the EU for compromising on it too.
Really hopeful that this is all settled for the foreseeable future and we can now move to having a much less confrontational relationship with the EU.
It is all very encouraging: the EU has moved a long way, and both us and them are doing the right thing.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
The Times suggesting that the EU has blinked. ECJ role to be several curtailed and a joint arbitration panel to be agreed.
If it's true then I think it closes the loop on Brexit.
It will be exactly the solution I suggested a couple of days ago - the NI only goods green channel, ECJ role reduced to contributor status and no checks on GB -> NI exports.
I'm really very glad everyone has stepped back and done what's right, big praise to the EU for compromising on it too.
Really hopeful that this is all settled for the foreseeable future and we can now move to having a much less confrontational relationship with the EU.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
I love that chart, weeks ago I saved it. It means Starmer is toast. It also means the Conservative Party is toast some point after Starmer is toast.
Is Big G tucked up in bed? Can we whisper the word … Grabcoque?
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
The government will remove the 0.75% management fee limit on pensions asset managers. That limit is a really good policy because pensions require a low fees structure to see any significant accruals over a long period of time. The transparently evil part is that the government itself is an asset manager of pensions via NEST so it is essentially changing the law so it can raise fees on its own assets under management.
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
Isnt Nest essentially a mutual? The government's interest in it is a loan. From their annual report:
"Not for profit We aspire to operate as a not-for profit business over the long term. Once our loan from government has been repaid, our aim is that any surpluses generated should be reinvested in the interests of our members"
Indeed.
Several posts on this thread seem to be implying the Govt is planning to increase fees so NEST can make an absolutely huge profit which will then go back to the Treasury. It's pretty obvious that's not the case.
Numerous (indeed maybe a majority?) of actively managed investment funds have a fee in excess of 0.75% right now. It looks to me as if what is happening here is that the proposal is to allow NEST pensions to invest in funds with higher charges in more specialist sectors which have these higher fees.
Now I agree that this isn't necessarily a good idea but that's a different matter - it's very different to the Treasury sneakily taxing pension schemes - which isn't what is being proposed.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
No, Biden wants to increase CGT from 20% to 39.6%, to increase the top rate of income tax from 37% to 39.6% too and to increase Corporation Tax from 21% to 28%. He and the Democrats in Congress also want a 3% surtax on incomes above $5 million
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
No, Biden wants to increase CGT from 20% to 39.6%, to increase the top rate of income tax from 37% to 39.6% too and and to increase Corporation Tax from 21% to 28%. He and the Democrats in Congress also want a 3% surtax on incomes above $5 million
Could you source the capital gains tax one for me?
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
I love that chart, weeks ago I saved it. It means Starmer is toast. It also means the Conservative Party is toast some point after Starmer is toast.
Is Big G tucked up in bed? Can we whisper the word … Grabcoque?
Having the government captured by non-workers is a disaster for fundamental reform: see Italy and Japan.
It means the retirees hold the levers of power and cannot be upset for any reason. It's a disaster for people of working age. And it's why Italy is still in the Euro, despite that hammering the Italian youth.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
No, Biden wants to increase CGT from 20% to 39.6%, to increase the top rate of income tax from 37% to 39.6% too and and to increase Corporation Tax from 21% to 28%. He and the Democrats in Congress also want a 3% surtax on incomes above $5 million
Could you source the capital gains tax one for me?
IIRC the proposal is to tax long-term capital gains (where the taxable asset has been held for more than a year) at the same rate as short-term, which are taxed at your income tax rate. Currently I think long-term are taxed at 50% of income tax rate.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
Ouch, we thought we’re doing badly on $13k a year!
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
"Reagan showed us that deficits don't matter" – Cheney.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
I love that chart, weeks ago I saved it. It means Starmer is toast. It also means the Conservative Party is toast some point after Starmer is toast.
Is Big G tucked up in bed? Can we whisper the word … Grabcoque?
Having the government captured by non-workers is a disaster for fundamental reform: see Italy and Japan.
It means the retirees hold the levers of power and cannot be upset for any reason. It's a disaster for people of working age. And it's why Italy is still in the Euro, despite that hammering the Italian youth.
“Capture” sounds like some sort of war game, more like those in power pandering to those who will keep them in power? Though, with the caveat, not doing their party successors many favours with legacy of the angry electorate?
The Key danger is, while unless something extraordinary happens on the next chart Starmer is toast, the party likely then reacts by swinging left, and a Corbynista manifesto from a baggage free leader Captures Government.
That could be the true legacy Boris, Rishi are building here.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
Biden is still raising income tax and CGT, Boris is not.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
I love that chart, weeks ago I saved it. It means Starmer is toast. It also means the Conservative Party is toast some point after Starmer is toast.
Is Big G tucked up in bed? Can we whisper the word … Grabcoque?
Having the government captured by non-workers is a disaster for fundamental reform: see Italy and Japan.
It means the retirees hold the levers of power and cannot be upset for any reason. It's a disaster for people of working age. And it's why Italy is still in the Euro, despite that hammering the Italian youth.
“Capture” sounds like some sort of war game, more like those in power pandering to those who will keep them in power? Though, with the caveat, not doing their party successors many favours with legacy of the angry electorate?
The Key danger is, while unless something extraordinary happens on the next chart Starmer is toast, the party likely then reacts by swinging left, and a Corbynista manifesto from a baggage free leader Captures Government.
That could be the true legacy Boris, Rishi are building here.
Starmer will gain seats on every current poll, half of them give a hung parliament.
He will therefore remain leader and get another shot as he makes gains unlike Corbyn in 2019 but like Corbyn in 2017 so will likely be there for at least a decade even if he does not become PM in 2023/24.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
Biden is still raising income tax and CGT, Boris is not.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
I also left the UK for the US. My gross pay is 60% higher for the same role, my employer covers 99% of my healthcare costs and I will pay substantially less tax. Despite being near the top of the US income distribution, I won't be caught by the Biden tax increase as I don't meet the $500k a year threshold. And my property costs are about a third of what I would pay for the equivalent in London, but with better weather.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
Both Biden and Trump have "spend but don't tax" agendas.
Makes sense for Biden. Clinton and Obama both took steps to be fiscally sane and it just gave the GOP more money to blow on tax cuts.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
They are, but I don’t think the pattern of the last two elections is driven by economics and generational inequality. It’s driven by culture and values.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
They are, but I don’t think the pattern of the last two elections is driven by economics and generational inequality. It’s driven by culture and values.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
(Talking Great Britain, not NI.)
Values may be the root of the issue.
But it's not everything.
And it definitely leads to decisions where one favours your supporters over ones opponents. The choice to put the burden of taxation on workers (via NI) versus all (via income tax) was deliberate.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
Ouch, we thought we’re doing badly on $13k a year!
In beautifu sunny Spain our new detached 3 bed home with pool will be a staggering €400 a year in property taxes.
Q: what's the difference between micro-economists and macro-economists?
A: micro-economists are wrong about specific things, while macro-economists are wrong about things in general.
There was an A-Level Economics class at my school. When it started there were about 15 people on the course, within a couple of weeks it was down to 4. I think those who left probably made the right decision.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
They are, but I don’t think the pattern of the last two elections is driven by economics and generational inequality. It’s driven by culture and values.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
(Talking Great Britain, not NI.)
Values may be the root of the issue.
But it's not everything.
And it definitely leads to decisions where one favours your supporters over ones opponents. The choice to put the burden of taxation on workers (via NI) versus all (via income tax) was deliberate.
I’m not so sure. I think politicians go for National Insurance because they think people don’t understand that it’s just another tax. Gordon Brown put it up after 2001 despite Labour doing better among the young (though it obviously wasn’t quite so dramatic back then).
Also, if the Tories are doing it for partisan reasons, then they are foolish. Elections are won and lost in the forty something age group.
Cunliffe said that while the finance industry was more robust than in 2008 and that governments should be wary of overreacting to financial innovations, there were reasons to be concerned about traders using digital currencies that could be worthless overnight.
“Of course $2.3tn needs to be seen in the context of the $250tn global financial system. But as the financial crisis showed us, you don’t have to account for a large proportion of the financial sector to trigger financial stability problems – sub-prime was valued at about $1.2tn in 2008,” he said.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
$77,000 a year in property taxes, yet California is still bankrupt, but the recall of the govenor failed?
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
They are, but I don’t think the pattern of the last two elections is driven by economics and generational inequality. It’s driven by culture and values.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
(Talking Great Britain, not NI.)
Values may be the root of the issue.
But it's not everything.
And it definitely leads to decisions where one favours your supporters over ones opponents. The choice to put the burden of taxation on workers (via NI) versus all (via income tax) was deliberate.
I’m not so sure. I think politicians go for National Insurance because they think people don’t understand that it’s just another tax. Gordon Brown put it up after 2001 despite Labour doing better among the young (though it obviously wasn’t quite so dramatic back then).
Also, if the Tories are doing it for partisan reasons, then they are foolish. Elections are won and lost in the forty something age group.
You can also put NI up by 2% while saying it’s only 1%, and the employer side is higher than the limited employee side. The employee, unless he runs the business, doesn’t see the employer NI deductions, only the employee side which is £20 a month for a £24k salary.
But yes, it’s still a tax on jobs, no matter which party is increasing the rate. There needs to be more of a rebalancing between earned and unearned income streams.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Can’t speak for others but Singapore is not sucking in talent any more, it is spitting it out to such an extent they’ve had a significant population fall. A quite unprecedented change in their demographic that I picked up on anecdotally a while ago and is now confirmed by the stats.
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Can’t speak for others but Singapore is not sucking in talent any more, it is spitting it out to such an extent they’ve had a significant population fall. A quite unprecedented change in their demographic that I picked up on anecdotally a while ago and is now confirmed by the stats.
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
Can someone explain this pensions business to someone who nods off when the p word is mentioned? * Everyone seems united in outrage. What would exactly be happening if it goes ahead?
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
The government will remove the 0.75% management fee limit on pensions asset managers. That limit is a really good policy because pensions require a low fees structure to see any significant accruals over a long period of time. The transparently evil part is that the government itself is an asset manager of pensions via NEST so it is essentially changing the law so it can raise fees on its own assets under management.
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
Isnt Nest essentially a mutual? The government's interest in it is a loan. From their annual report:
"Not for profit We aspire to operate as a not-for profit business over the long term. Once our loan from government has been repaid, our aim is that any surpluses generated should be reinvested in the interests of our members"
Indeed.
Several posts on this thread seem to be implying the Govt is planning to increase fees so NEST can make an absolutely huge profit which will then go back to the Treasury. It's pretty obvious that's not the case.
Numerous (indeed maybe a majority?) of actively managed investment funds have a fee in excess of 0.75% right now. It looks to me as if what is happening here is that the proposal is to allow NEST pensions to invest in funds with higher charges in more specialist sectors which have these higher fees.
Now I agree that this isn't necessarily a good idea but that's a different matter - it's very different to the Treasury sneakily taxing pension schemes - which isn't what is being proposed.
Yes, its a rubbish, outdated and completely unnecessary idea, but motivated by helping out city old boy chums at the expense of workers not raising money for HMG at the expense of workers.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Serves them right for not being born earlier, doesn't it? Early bird catches the worm and all that.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
Those are staggering charts.
They are, but I don’t think the pattern of the last two elections is driven by economics and generational inequality. It’s driven by culture and values.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
So the fact that pensioners have got richer faster than ever in the last decade and workers poorer has little to do with pensioners breaking sharply for the government in power? Of course values, culture and Brexit are core parts of the appeal of the government but so is protecting pensioners and inflating the value of assets.
There are definitely some meaningful & welcome steps in EU's proposals on NI Protocol. But the more I got into the texts, the less impressed I was. I also fear the EU overhyped them over past few days. A (long) thread setting out what is good & not so good in my view 1/....
I will also add at the start that, if these proposals had been tabled at any point in 2018/19/20, when the EU was saying many of these things were impossible we might not be in this mess. I fear even for the good bits it may now be too late. But lets take each part in turn 2/
Clearly very overhyped and perhaps this is just a starting point and there will be considerable movement from the EU from this starting point in the negotiations. If so, great. If not then the government must trigger Article 16.
This final point from that thread is well made.: Final thought is that this will only further engrain the view that the UK's aggressive strategy is the only one that works with the EU given they've now tabled things they rejected for years when asked more nicely by more reasonable UK Governments. 17/ ENDS
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Can’t speak for others but Singapore is not sucking in talent any more, it is spitting it out to such an extent they’ve had a significant population fall. A quite unprecedented change in their demographic that I picked up on anecdotally a while ago and is now confirmed by the stats.
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
Why is that?
The perception (reality?) that covid has been used by the govt as a vehicle to make life more difficult for foreigner workers. The draconian nature of the covid restrictions continues to bite even now and I think has woken up a lot of people to the illiberal nature of the society there, which until now could be largely ignored as a problem for the locals.
Easy for me to say this to Max of course, I already did my stint overseas paying lower tax rates. Worked on three continents in fact. But I suspect once the novelty of his first few non PAYE paycheques wears off, he will realise there are compromises to be made no matter where you are. Zurich may still be the better place on balance for him of course but it is a balance.
By the way I have no idea why there’s such collective disdain from the pb right about removing a price cap. I thought they were something that lefty firebrand Ed Miliband was in to? It’s a market, I pay far less than the current cap even though I haven’t shopped around for over a decade.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
$77,000 a year in property taxes, yet California is still bankrupt, but the recall of the govenor failed?
Not sure I really understand the USA sometimes.
California isn't bankrupt, it's merely in serious trouble. You see, the voters passed a series of ballot initiatives:
1. Property taxes are tied to the price the property last sold, even if that was in 1952. This means the uber rich never sell actual properties, they put them into Delaware corporations and sell the shares in those companies. I bought in 2019.
2. Budgets must always balance. (Yay!)
3. No new taxes.
4. More spending on education. More spending on police. Higher pensions.
Basically, California is conducting an experiment to see what happens to politicians when you give them entirely contradictory instructions.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
Biden is still raising income tax and CGT, Boris is not.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
For anyone working Boris did raise income tax by 2.5%
Calling it NI instead of income tax is pure sophistry. A tax by any other name is still a tax.
If Boris introduced a 25% tax on inheritances, with an extremely lower threshold, calling it "insurance" and sending it to the NHS then I doubt you'd be as quick to play this "its not a tax" bullshit game.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
My property taxes in LA are $77,000/year. If Biden repeals the SALT cap it will save me a lot of money.
$77,000 a year in property taxes, yet California is still bankrupt, but the recall of the govenor failed?
Not sure I really understand the USA sometimes.
California isn't bankrupt, it's merely in serious trouble. You see, the voters passed a series of ballot initiatives:
1. Property taxes are tied to the price the property last sold, even if that was in 1952. This means the uber rich never sell actual properties, they put them into Delaware corporations and sell the shares in those companies. I bought in 2019.
2. Budgets must always balance. (Yay!)
3. No new taxes.
4. More spending on education. More spending on police. Higher pensions.
Basically, California is conducting an experiment to see what happens to politicians when you give them entirely contradictory instructions.
Sounds quite similar to the Westminster govt giving councils loads of new responsibilities each decade without funding to match.
But more than $77k a year in just property taxes - I mean in Andalucia the average salary is well under $20k a year. Surely even in rich America that cannot be normal?
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
Biden is still raising income tax and CGT, Boris is not.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
For anyone working Boris did raise income tax by 2.5%
Calling it NI instead of income tax is pure sophistry. A tax by any other name is still a tax.
If Boris introduced a 25% tax on inheritances, with an extremely lower threshold, calling it "insurance" and sending it to the NHS then I doubt you'd be as quick to play this "its not a tax" bullshit game.
That bit in bold - do you really think so? That would seem to me the triumph of hope over experience.
But more than $77k a year in just property taxes - I mean in Andalucia the average salary is well under $20k a year. Surely even in rich America that cannot be normal?
The average property tax in California around 0.7% so perhaps the property's value is around $10m? In which case $77k seems fine if high.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
New York? When Biden has a tax and spend agenda bigger than any US president since LBJ.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
My gross salary here in New York is about twice what I would make in my role in London, maybe more, and my overall federal/state tax take, including NI equiv, is about 40%, which I’d be paying in income tax alone in the UK.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
Biden is still raising income tax and CGT, Boris is not.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
For anyone working Boris did raise income tax by 2.5%
Calling it NI instead of income tax is pure sophistry. A tax by any other name is still a tax.
If Boris introduced a 25% tax on inheritances, with an extremely lower threshold, calling it "insurance" and sending it to the NHS then I doubt you'd be as quick to play this "its not a tax" bullshit game.
That bit in bold - do you really think so? That would seem to me the triumph of hope over experience.
He's quite content to hit others in the pocket, the only thing he gives a shit about is that he gets a big inheritance. No principles other than that.
So whether he'd support a National (Inheritance) Insurance that taxed 25% of Inheritances like NI takes 25% of gross wages if Sunak introduced it is the one thing I'm sceptical about. Maybe he would take the party line, but if the party line goes near his future inheritance only then does he seem to take that personally.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Mr. Jessop, his rather simplistic view also disregards scientific advancements that can come from space exploration, not to mention it's a false dichotomy.
But more than $77k a year in just property taxes - I mean in Andalucia the average salary is well under $20k a year. Surely even in rich America that cannot be normal?
The average property tax in California around 0.7% so perhaps the property's value is around $10m? In which case $77k seems fine if high.
I guess - and even in most of California that's got bo a fairly small percentage of properties.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Can’t speak for others but Singapore is not sucking in talent any more, it is spitting it out to such an extent they’ve had a significant population fall. A quite unprecedented change in their demographic that I picked up on anecdotally a while ago and is now confirmed by the stats.
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
Isn't that population fall mostly to do with Singapore having just about the lowest Fertility rate in the world?
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Is there a difference between scientific space flights and tourism space flights?
Space exploration is good and should be encouraged.
Space tourism is worth allowing to grow, but if it becomes big should be very highly taxed imo.
Will she have to apply for leave to appeal, or is the right automatic in criminal cases?
Edit - have to say if even 50% of what was reported was accurate, she has no chance on appeal anyway. How can ‘I’ll send those naked pictures of you to your daughters’ be anything other than a crime under the law as it stands? And it’s not as though it was her word against another person’s word. There was a recording.
She genuinely seems to be both incredibly arrogant and deeply disturbed.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Yes it’s an absurdity to single out the space programme for criticism for not solving world hunger or climate change. Why not the horse racing industry? Or the party planning industry? Or authors, perfumers, accountants, gardeners etc…
If we have no space programme then humans will go extinct, it’s just a matter of time. And until that moment we’d be blindfolding ourselves to the full wonders of the mystery of existence.
But what do you expect from a guy that was cracking coughing jokes at a public event long after it was clear we were entering the worst pandemic in his grandmothers lifetime.
This truly is a leftie government, Sunak is a pound shop Gordon Brown.
Pension savers face risk of higher fees as Sunak seeks billions for ‘levelling up’
Ministers are looking to relax rules shielding tens of millions of UK retirement savers from high charges as they step up efforts to funnel pension fund cash into the government’s “levelling up” agenda.
Officials are working on proposals to dilute the 0.75 per cent ceiling on annual management fees, which was put in place in 2016 to protect workers auto-enrolled into workplace pensions from having their savings eroded by high charges.
Chancellor Rishi Sunak is looking at ways to tap billions of pounds of pension fund cash to invest in long-term projects, including infrastructure schemes, renewable energy projects and innovative tech firms, to help deliver on UK prime minister Boris Johnson’s pledge to spread economic growth across the UK.
How does diluting (i.e. presumably, increasing or removing) the ceiling on annual management fees increase tax revenues by any worthwhile amount?
0.75% for the coke snorting broker, 0.5% for the Gov't ?
Ah hem.
0.75% goes to the fund manager. A sober individual like I used to be.
The coke snorting broker* gets paid from the commissions that the fund pays when it buys or sells shares. In the old days, that was as much 0.25%, and brokers drove 911s. Now it's more likely to be 0.04 or 0.05%, and brokers bitch about how much better paid fund managers now are.
* Not *all* brokers snort cocaine. Some of them prefer Adderell.
The issue here is that the fund manager for millions of people's pensions is the state via NEST. Raising the cap on fees is simply another tax raising measure on working age people.
And a pretty sneaky one at that, if the aim is to skim money from pension contributions.
Not quite snaffling coins from the church collection plate, but well on the way in terms of tawdriness. Is this really the level of scrabbling around the government is reduced to?
I really, really hope I've misunderstood this. Please tell me I've misunderstood.
You haven't. I work in asset management and it's extremely transparent what the government is aiming to do here, they really are robbing the poorest working age people and destroying any chance of them having a proper private retirement income by making the potential for accruals significantly lower.
I honestly don't think anyone in the Labour party has the wit or wherewithal to explain this measure that will be sold as a way of taxing profits from extra large pension pots.
That's the political genius, if I've got it right; a way of getting more money for the government now that nobody will notice for decades. And even then, nobody will notice their poorer pensions or link them to the decisions of long-departed politicians.
Blooming Sunak, as shabby as the rest of them. And he has such a nice smile; possibly the nicest since John Major (pre-Black Wednesday version).
It's a copy of what Brown did when he removed dividend tax relief for pension funds. Overnight millions of working age people saw their future income in retirement utterly destroyed. Brown shafted everyone aged between 30 and 50 back then, Sunak is going to do the same now.
Sometimes I wonder whether moving to Zurich is the right thing to do, then the supposedly low tax party comes up with a genuinely evil policy like this which will destroy pension incomes for the worst off and I know that my wife is right about where the UK is heading.
Brown was warned about the consequences of his actions too, at the time, by civil servants but still ploughed ahead. Of course many people didn’t realise at the time but the final salary pension in the private sector,pretty much dropped off a cliff after that.
The man is an idiot.
And now Sunak is walking the same path, worse he's doing it after seeing the consequences of Brown's awful decision. He's literally making the same mistake again, short term jam today by fucking the retirement incomes of millions of people.
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
Can’t speak for others but Singapore is not sucking in talent any more, it is spitting it out to such an extent they’ve had a significant population fall. A quite unprecedented change in their demographic that I picked up on anecdotally a while ago and is now confirmed by the stats.
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
Isn't that population fall mostly to do with Singapore having just about the lowest Fertility rate in the world?
There’s a lot of expatriate emigration, following changes in government policy to prioritise native Singaporeans for high-skilled jobs. There’s also been very restrictive Covid restrictions there for the past 20 months.
We see the same local-prioritisation in the Gulf States, where the local population has expanded in recent years and there is a need for private-sector jobs for them to move into.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
The way we save the planet, is of course by changes in technology.
The two biggest incentives for technological enhancement in the past century have been war and space, and the world would be better off with less war.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Is there a difference between scientific space flights and tourism space flights?
Space exploration is good and should be encouraged.
Space tourism is worth allowing to grow, but if it becomes big should be very highly taxed imo.
Musk last week called for a carbon tax, noting it would also impact SpaceX. Space tourism will help bring down the cost of space flight to the general benefit of science and exploration.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
If the sentencing means the recall petition is triggered then does a recall petition need to wait until a possible appeal is heard?
ISTR it did with Onasanya. Which in itself was quite controversial.
Then considering MPs have a £75k salary [that I don't for one second think she could get privately] that's a serious incentive to lodge an appeal to drag things out.
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Is there a difference between scientific space flights and tourism space flights?
Space exploration is good and should be encouraged.
Space tourism is worth allowing to grow, but if it becomes big should be very highly taxed imo.
Musk last week called for a carbon tax, noting it would also impact SpaceX. Space tourism will help bring down the cost of space flight to the general benefit of science and exploration.
In general I have a lot of respect for Musk - but I lost a very large amount of it when he got behind Bitcoin etc which is one of the worst polluters on the planet now.
When the pollution emitted for that stupid pyramid scheme is now exceeding that emitted for many countries, there's a real problem.
Comments
I saw an article recently about a new brain drain from the UK to Switzerland, New York, Singapore and Australia because working age people really feel put upon. This is going to accelerate that feeling. The Tory party is supposed to be about working hard and getting on in life, this lot are nothing of the sort. They are the party of taxing the workers to give old people all the money in the country. How is anyone on a middle income supposed to get on on life?
In my own job there would be a massive wave of early retirements (me included) if our pensions looked under threat.
More seriously, the age dependence of how people vote is relatively new and set to do terrible things like this.
As presented it wouldn’t just be a cash grab - it’s a desire to shift to infrastructure investment. So presumably they need to have flexibility to pay third party managers to do so.
But if your interpretation of the facts is correct then “tawdry” is a very generous description
Strange times.
I will also add at the start that, if these proposals had been tabled at any point in 2018/19/20, when the EU was saying many of these things were impossible we might not be in this mess. I fear even for the good bits it may now be too late. But lets take each part in turn 2/
https://twitter.com/RaoulRuparel/status/1448360269240020996?s=20
* Obviously, me and my kind are why it makes an attractive revenue raiser. And politically safe, too.
But I wouldn't trust my interpretation of this- I'm a physics teacher, after all.
But that does mean I understand exponential growth.
It is a really stupid evil move. It levels down. Not up.
If only we had a decent opposition.
Who else is there?
https://twitter.com/NJ_Timothy/status/1448410681552875522?s=20
Edit: just googled fidelity foresight - a big infra fund from an active house with ok fees. 0.87% TER (0.65% annual management fee plus 0.22% transaction costs)
It's a truly awful policy and the limit on fees actually bloody works. We have got one of the most competitive pensions sectors in the world with loads of funds and options available for all types of investors. We don't need to see the cap removed, the market functions very well as it is. It's a naked attempt by the state to introduce a stealth tax on pensions that they hope no one will notice.
Income tax has not risen, inheritance tax has not risen, the only thing that has risen in the UK is NI to fund the extra resources the NHS needed post Covid and the costs of furlough.
Rich people have always and will always move to Switzerland and Singapore because they have lower taxes and less public spending. However since 2019 more Tory voters are working class RedWall voters, not wealthy financiers
The Tories best chance in Leicester East is probably a local Hindu candidate who backed Leave
Prince William's comments that we should focus on problems on this planet before we spend vast sums on space exploration though I would expect to go down well with most voters. Personally I am in favour of space exploration
https://youtu.be/9KvgwKX-3Gs
Harrumph.
Thanks @MaxPB.
Good comic timing by Raab though
"Not for profit
We aspire to operate as a not-for profit business over the long term.
Once our loan from government
has been repaid, our aim is that
any surpluses generated should
be reinvested in the interests of
our members"
If it's true then I think it closes the loop on Brexit.
It will be exactly the solution I suggested a couple of days ago - the NI only goods green channel, ECJ role reduced to contributor status and no checks on GB -> NI exports.
I'm really very glad everyone has stepped back and done what's right, big praise to the EU for compromising on it too.
Really hopeful that this is all settled for the foreseeable future and we can now move to having a much less confrontational relationship with the EU.
Is Big G tucked up in bed? Can we whisper the word … Grabcoque?
Several posts on this thread seem to be implying the Govt is planning to increase fees so NEST can make an absolutely huge profit which will then go back to the Treasury. It's pretty obvious that's not the case.
Numerous (indeed maybe a majority?) of actively managed investment funds have a fee in excess of 0.75% right now. It looks to me as if what is happening here is that the proposal is to allow NEST pensions to invest in funds with higher charges in more specialist sectors which have these higher fees.
Now I agree that this isn't necessarily a good idea but that's a different matter - it's very different to the Treasury sneakily taxing pension schemes - which isn't what is being proposed.
If Biden does roll back the Trump tax reforms, if it includes a repeal of the SALT cap (a limit on how much state and local tax payments can be deducted from federal taxable income, and which would be very popular in high-tax blue states like New York), then we’d actually be better off!
It means the retirees hold the levers of power and cannot be upset for any reason. It's a disaster for people of working age. And it's why Italy is still in the Euro, despite that hammering the Italian youth.
Look forward to tomorrow's LA by-elections to rejuvenate and invigorate.
Sleepy time. Best wishes to all.
The Key danger is, while unless something extraordinary happens on the next chart Starmer is toast, the party likely then reacts by swinging left, and a Corbynista manifesto from a baggage free leader Captures Government.
That could be the true legacy Boris, Rishi are building here.
The US will also have a higher corporation tax rate than the UK once the Biden tax rises go through the Democratic Congress and will do so even after Sunak raises corporation tax to 25% as Biden will raise corporation tax to 28%
https://election.unherd.com/home/
He will therefore remain leader and get another shot as he makes gains unlike Corbyn in 2019 but like Corbyn in 2017 so will likely be there for at least a decade even if he does not become PM in 2023/24.
Corbynism died in 2019
A: micro-economists are wrong about specific things, while macro-economists are wrong about things in general.
It’s the same in Northern Ireland. In theory, the problems there affect everyone. But only the Unionists are complaining. The Nationalists can’t complain because it’s what they actually want.
Values may be the root of the issue.
But it's not everything.
And it definitely leads to decisions where one favours your supporters over ones opponents. The choice to put the burden of taxation on workers (via NI) versus all (via income tax) was deliberate.
Also, if the Tories are doing it for partisan reasons, then they are foolish. Elections are won and lost in the forty something age group.
https://theguardian.com/technology/2021/oct/13/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy
Cunliffe said that while the finance industry was more robust than in 2008 and that governments should be wary of overreacting to financial innovations, there were reasons to be concerned about traders using digital currencies that could be worthless overnight.
“Of course $2.3tn needs to be seen in the context of the $250tn global financial system. But as the financial crisis showed us, you don’t have to account for a large proportion of the financial sector to trigger financial stability problems – sub-prime was valued at about $1.2tn in 2008,” he said.
Not sure I really understand the USA sometimes.
But yes, it’s still a tax on jobs, no matter which party is increasing the rate. There needs to be more of a rebalancing between earned and unearned income streams.
Was that Clod?
I hope it works out for you in Switzerland but the grass isn’t always greener and every place has its problems.
Dominic Cummings only believes in one thing and that’s his own infallibility.
Daft comments by Prince William regarding space exploration.
This final point from that thread is well made.:
Final thought is that this will only further engrain the view that the UK's aggressive strategy is the only one that works with the EU given they've now tabled things they rejected for years when asked more nicely by more reasonable UK Governments. 17/ ENDS
Easy for me to say this to Max of course, I already did my stint overseas paying lower tax rates. Worked on three continents in fact. But I suspect once the novelty of his first few non PAYE paycheques wears off, he will realise there are compromises to be made no matter where you are. Zurich may still be the better place on balance for him of course but it is a balance.
By the way I have no idea why there’s such collective disdain from the pb right about removing a price cap. I thought they were something that lefty firebrand Ed Miliband was in to? It’s a market, I pay far less than the current cap even though I haven’t shopped around for over a decade.
1. Property taxes are tied to the price the property last sold, even if that was in 1952. This means the uber rich never sell actual properties, they put them into Delaware corporations and sell the shares in those companies. I bought in 2019.
2. Budgets must always balance. (Yay!)
3. No new taxes.
4. More spending on education. More spending on police. Higher pensions.
Basically, California is conducting an experiment to see what happens to politicians when you give them entirely contradictory instructions.
Calling it NI instead of income tax is pure sophistry. A tax by any other name is still a tax.
If Boris introduced a 25% tax on inheritances, with an extremely lower threshold, calling it "insurance" and sending it to the NHS then I doubt you'd be as quick to play this "its not a tax" bullshit game.
So whether he'd support a National (Inheritance) Insurance that taxed 25% of Inheritances like NI takes 25% of gross wages if Sunak introduced it is the one thing I'm sceptical about. Maybe he would take the party line, but if the party line goes near his future inheritance only then does he seem to take that personally.
https://en.wikipedia.org/wiki/Overview_effect
Also, the amount that space hardware et al has been used to monitor and raise awareness of the climate, and climate change. As an example, solid evidence for the Antarctic ozone hole came from the Nimbus 7 satellite in the mid 1980s. (But only when they started looking for it after being alerted by scientists at the British Antarctic Survey; when they looked back at the Nimbus data, the hole was visible from 1976...)
Webbe, who will be sentenced on November 4
and
She has vowed to remain an MP while she appeals against the conviction.
https://www.thetimes.co.uk/article/claudia-webbe-mp-faces-jail-for-threats-to-throw-acid-on-love-rival-hc0b8zbtg
Space exploration is good and should be encouraged.
Space tourism is worth allowing to grow, but if it becomes big should be very highly taxed imo.
Edit - have to say if even 50% of what was reported was accurate, she has no chance on appeal anyway. How can ‘I’ll send those naked pictures of you to your daughters’ be anything other than a crime under the law as it stands? And it’s not as though it was her word against another person’s word. There was a recording.
She genuinely seems to be both incredibly arrogant and deeply disturbed.
If we have no space programme then humans will go extinct, it’s just a matter of time. And until that moment we’d be blindfolding ourselves to the full wonders of the mystery of existence.
But what do you expect from a guy that was cracking coughing jokes at a public event long after it was clear we were entering the worst pandemic in his grandmothers lifetime.
We see the same local-prioritisation in the Gulf States, where the local population has expanded in recent years and there is a need for private-sector jobs for them to move into.
“I am not mad, I am a member of parliament.”
The two biggest incentives for technological enhancement in the past century have been war and space, and the world would be better off with less war.
When the pollution emitted for that stupid pyramid scheme is now exceeding that emitted for many countries, there's a real problem.