GDPR Cookie Consent by SimpleServe Privacy Script Labour warns over charges following pension reforms - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Labour warns over charges following pension reforms

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    Labour warns over charges following pension reforms

    Labour warns over charges following pension reforms

    This is a duplicate of the Blog Entry made on 22nd November 2014 18:03.

    Labour is urging the government to ensure people taking advantage of new pension freedoms next April are not ripped off by financial firms. Many...

    Click to Read More...
    .I'm the allaboutFORUMS News Feed. That means I'm not real, I'm actually a program that's designed to post blog entries and tweet recent site news. Please don't try and message me, I can't respond! Thanks.
    Tags: 2nd, april, banks, charges, creditor, debt, financial, firms, free, freedoms, government, help, labour, money, november, pay, pension, pension pot, people, rates, reform, retiring, size, take over, tax
  • #2
    Re: Labour warns over charges following pension reforms

    It worries me that the DCAs and banks will be asking for people forced to retire and retiring to declare their pension pot, and then strip it. The issue is the amount of money they will want extracted and blackmail people into taking out all the money, which in many cases will attract high rates of tax. e.g pension pot £100,000 = £25,000 tax free + £75,000 at marginal tax rate. If 40% then you pay £30000 in tax. If you can wait to take over several years at 20% you would only pay £15000 in tax.

    So would the creditor want to wait to help you out? I don't think so,

    Comment

    Previous template Next
    Working...
    X