We recently cashed in our pensions, despite everybody telling you how tax efficient they are. I don’t like it if the Government can move the goalposts and alter my wealth without my input. I prefer investments I can see.
Especially given the Lord High Tax Denouncer’s ambitions for pension funds.
Just shifting the way the government will use to get your money. After all it’s only a few years ago they let you cash in your pension.
I thought the option to cash 100% of the fund only applied to “small pots”. Someone come along and correct me, I’m too lazy to check.
AIUI: for certain schemes which pre-dated A-day if the scheme value is less than or equal to the protected tax-free cash (including indexation based on the shadow LTA) then the whole scheme value can be taken as tax-free cash. If the excess over the protected tax-free cash (plus such indexation) is less than GBP 10000, then the whole can still be taken as cash (the excess taxed as income) as a trivial commutation lump sum. Neither scenario (in itself) triggers the MPAA.
The best bit was “Trainers once gave horses Guinness, so in our Lincolnshire stable I bought two cases and put some in their feed. The next morning the feed was left and the mangers were full of dead mice.”
Somebody should work that into the script for a school nativity play.