Anyone know who this lady is? She seems good!
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the governments-desire-to-have-access-to-the-bank-accounts-of-every-benefit-claimant-including-pensioners-whilst-refusing-to-take-powers-to-tackle-tax-abuse-reveals-malicious-intent-on-their-part
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Funding the Future is written and managed by Richard Murphy on behalf of Tax Research LLP.
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The Tories want the British Public to panic and feel intruded upon, on hearing about this. Then, when the issue has become a huge concern and looks like a dangerous move in terms of keeping the public’s privacy protected, those same Tories will rush on in, on their white horses, in full view of the British people, and ban the idea and gain voting favour at the polls…they think!
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Probably right, none will get my vote.
That is no surprise, because Britain no longer has a worthy enough party for whom to vote!
Sunak-looks-like-a-prime-minister-with-a-decidedly-short-sell by date
The possibility that the supposed most effective electoral machine in democratic history might collapse under the weight of its own in-fighting looks to be very real. It could happen soon.
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I do hope so…
This is a long term plan, a future government ( probably Tory) will be able to look at other income for those who are receiving state pension, it won’t matter how much you have contributed all your working life if you you have any sort of additional income they could reduce your benefit ( state pension) by however much you are earning or more. These are the sneaky tactics that the will ,and do go to, that’s what brexit was all about, control…wake up people and see them for what they really are…
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Surely that is the core problem with such a suggestion. If someone had been earning very good salary all his/her working life then by pension time their accumulated pension pot (ok, equivalent of such a pot as I know it doesn’t work that way) will be large. If state pensions were annuities then a pension pot would need to be a bit over £200k to fund the state pension levels. For some well paid it is easy to imagine (an equivalent) pension pot of double that or more after 40 years of contributions. Therefore such a person is giving away some of their pot (that is, funding other people’s pensions).
Then they get told they’re going to get even less of a state pension because of their other wealth. And they see someone who was poorly paid through their working life - and thus did not even contribute enough to create a pension pot big enough to cover much at all. And this less fortunate person still gets a full state pension. That is likely to cause all sorts of challenges. Probably legal challenges.
Then consider the impact on people trying to build modest private pensions. Such a change as you predict would in fact discourage this effort to build a private pension. Why should they when in doing so will reduce their state pension? Given that successive governments have been keen that we all build our own private pensions should they introduce legislation that actually discourages such private pensions?
Overall, your prediction seem fraught with likely challenges and doesn’t make any sense along side other policies. Which, given recent government ideas, means that you are likely to be completely correct and we’ll see such legislation debated in parliament in the near future!!
Yikes.
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