For those near or in retirement and saved hard for their pension are shaking with fear that Rachel Reeves scrap or massively deduct the 25% tax free element. You could literally lose tens or even hundred thousands of pounds overnight incase she goes crazy. Some might be lucky enough to start draw down int heir pension, which btw could also be a stupid idea if you want to continue topping up your saving. Either way, some of us could be completely screwed over by the finance clerk now running the treasury. Her silence is dangerous. So put your name down on the petition to force Reeves to set the record straight. https://petition.parliament.uk/petitions/740486
Replies
Reminds me of that great socialist Starlin who plundered the working classes...
posted by Dan Docker. (Guest) - Wednesday 08th October 2025, 3:35 PM
You were all told last year to buy gold. My opinion hasn’t changed.
posted by Paddy O’Doors (Guest) - Wednesday 08th October 2025, 3:36 PM
What about a good mattress?
posted by Krebs. (Guest) - Wednesday 08th October 2025, 4:53 PM
I am not an expert on pensions and maybe the likes of Bigboy and MST might know something better?
If you panic and take out huge lump sums , you might be in a bigger danger from the taxman.
posted by OWEN - Wednesday 08th October 2025, 6:57 PM
Well, Owen, speaking as a former taxman, you make a good point. The key thing to remember is that the 25% tax free cash thing was purely to drive thr economy. Most of being used to put down deposit on children's first house purchase. Take away the 25% element and we are likely to see a house price crash of monumemtal scale, as there will be a sharp depletion of first time buyers who are critical to the house buying chain. We are in for a terrible time with these clowns in power (even though as one poster mentioned recently,Sir Keir was into Abba, Motorhead, Simon and Garfunkle, thr Clash and Orange Juice during his time at Leeds Uni). Not sure what Reeves was into.
posted by Mr Benn (Guest) - Wednesday 08th October 2025, 7:16 PM
Silver is where it's at right now. Gold will continue it's climb, yes, but the huge positions being taken on silver bullion right now but hedge funds is eye watering.
posted by Man in the know (Guest) - Wednesday 08th October 2025, 8:36 PM
Academic, we’ll give it all away in reparations soon.
posted by Paddy O’Doors (Guest) - Wednesday 08th October 2025, 9:05 PM
Mr Benn' times are getting tougher. Let's hope that Rachel from accounts can soften the blow in her November budget, i think not but we can only hope...
posted by OWEN - Thursday 09th October 2025, 6:02 PM
It’s strange that a Labour government could be so determined to destroy Britain’s farming, fishing, steel industries and freeze pensioners while at the same time handing over our universities,military secrets and personal data to Communist China. I’m beginning to suspect something is amiss.
posted by Special Agent O’Chang (Guest) - Thursday 09th October 2025, 6:13 PM
Yes Starmer and the Government fell into a trap. They obviously do not want to scupper the trade deals with China and India because these deals are the very few deals they think will reap dividends for our failing economy. The big problem we know is that China and India are more in favour of Putin and Russia and Starmer does not have the guts or the desire to challenge these two countries. As you know we are at the mercy of the Chinese who know that we need more from them than they need from us and they couldn't care less. We are beholden to China especially and our security is at risk through the incompetent Starmer who has turned a blinkered eye and put Britain at risk. India also has us over a barrel while they keep on buying oil from Russia which is another slap in the face. Brown-nosing and sucking up seems to be the way how you get ahead in the worls now more than ever and Starmer is the biggest of the suckers. He is rightly called flip flop . His wife is Jewish which says everything about Starmer and his odd way of showing allegiance.
If war breaks out in this country we might as well raise the white flag and give it away. Goodness knows, we are giving up and giving away everything British for the sake of woke values and woke people everywhere in our culture now and establishment. I stated that i am not a fan of Trump but maybe the big stick methods work? 6 Million unemployed they say, can they and will they get tough on illnesses ranging from mental from covid and various excuses for joblessness? This is one area to raise big money and the answer is don't give out any until a dole interview is called for and the jobless can come in and explain why they can't take a job etc. Starmer and Reeves would rather pick on pensioners etc than the workshy...
posted by OWEN - Thursday 09th October 2025, 8:07 PM
I guess it depends on your personal circumstances Owen. My wife and I retired early and lived off my lump sum for a couple of years and now draw down from my crystallised funds. Problem is, if you have saved enough to have a good personal pension, you end up with a K tax code and they add fictitious sums of money to your annual amount and then tax the lot at 40%. When the state pension went up last year I ended up £300 per month worse off!!
posted by MST (Moderator) - Thursday 09th October 2025, 9:31 PM
Rate cant get much higher you might catch a cold log term
posted by Ipitombi (Guest) - Friday 10th October 2025, 10:56 AM
Lenny Henry thinks the British government should pay compo. For our forebearers antics he reckons about30 odd billion seems a bit rich
posted by Iptombi (Guest) - Friday 10th October 2025, 5:45 PM
Thinking on that sum think he said 30 trillion
posted by Ipitombi (Guest) - Friday 10th October 2025, 5:48 PM
Actually, the West Indies land area and population is about the size of the UK. If he’s suggesting a population swap I’m his man.
posted by Paddy O’Doors (Guest) - Friday 10th October 2025, 6:00 PM
The point of the exercise, as JohnC points out, if you don’t it could cost you some serious money. Rachel from accounts has found so many so called “Black holes”, no smut please, she is desperately seeking additional funds instead of cutting wasteful Whitehall expenditure. Provided you are retiring before the budget and have a pension pot then you are entitled to take 25%, tax free. Most sensible people will do so as there is a strong possibility this could be reduced in the budget. In the unlikelihood you have retired and failed to take this then I recommend you contact your pension provider and seek their advice. Moving off at a tangent isn’t ironic that the Party of the working class has reigned over the highest level of taxation in post war Britain to the best of my knowledge. If you are not part of the elite, mainly the Public Sector, you have been well and truly shafted. Entrepreneurs, quite a few of the very rich people have departed to friendlier tax countries whilst the number the number of people on benefits and the substantial number not prepared to work is forever increasing. Illegal immigrants flock to our shores knowing they will be housed, fed and given money. Whilst I have sympathy for genuine refugees who have been persecuted in their own countries this is not the case of the majority. As Paddy has reminded us, gold continues to soar to record levels. In 1999, Gordon Brown ordered the Bank of England to sell half of Britain’s gold reserves when the price of gold stood at US$282.40 per ounce. Before the gold auction took place, gold traders shorted gold which resulted in the price falling to $252.80 providing traders to make a decent turn. Over the course of 17 auctions an average price of $375 was achieved raising £3 bln. If the gold had been retained its value would be approximately £40 bln. What is it about Labour Chancellors, especially remembering Dennis Healy was waiting to board a plane for an IMF meeting when he was informed that the £ was plunging necessitating him to return to the Treasury. It was described as the “Day Britain went Bust” Those of you old enough to remember 1976 will recall it was mainly George Soros betting against the Pound and other speculators jumping on the band wagon forced Healey to hastily arrange a record $3.9 bln loan to steady the free fall of the once mighty currency. As an aside, the “Black Economy” in Britain is estimated around £50 bln per annum which could fill many of Rachel’s “Black Hples”.
posted by bigboy4650 (Guest) - Friday 10th October 2025, 8:09 PM
George Soros is the source of funding of most of this left wing claptrap the west has been tortured with. May he burn in hell, soon.
posted by Paddy O’Doors (Guest) - Friday 10th October 2025, 9:28 PM
No proper football for a while so we might as well do the politics and right the wrongs in this world Lol. This is a decent post and it is a great honour to participate and contribute to it. MST' my state pension age is 67 and my official date is 2028. I am toying with the idea to retire early in 2026 and likewise if i do that i also will need to live off my lump sum for two years. Not sure about the maths my end but i think it shouldn't be too bad as i work for my local council. My council pension is just a modest one but i can live with that okay.
posted by OWEN - Friday 10th October 2025, 11:50 PM
This Government inherited an enormous national debt that the Conservatives were trying to get the poor to pay it off. At least this Government is getting in the main people who can afford it pay to pay the bills. The poor struggle to pay for anything the rest of us do not.
posted by The Time Is Now - Saturday 11th October 2025, 5:52 PM
Owen, if you wait until 2026 you may have been shafted this November. Rachel is desperately seeking money and reducing the tax free amount that you can take from your Pension Pot I could be cut to 15% leaving you struggling to enjoy a few years living on it before relying on you pension. Are you aware what percentage of Council Tax goes to fund Council workers pension. Astronomical, no wonder so many councils are going bust.
posted by bigboy4650 (Guest) - Saturday 11th October 2025, 8:04 PM
Thanks for the advice Bigboy. Mine is a fairly modest pension and the council pension works differently but i can't explain it. You are still correct though and a few things could change in November and Reeves could start meddling again. I think she is aware that she isn't high up on anyone's Xmas card list, especially pensioners and another move in that direction will not be popular. Saying that, any lump sum over two hundred grand is at risk of being taxed with savings isas ect ect. We are at their mercy and can only hope the cuts are not too deep.
posted by OWEN - Saturday 11th October 2025, 9:02 PM
I can’t believe you’re defending this crazy government TTIN!! Have you forgotten the mess Labour left this country in when the Tories had to pick up the pieces?? Since then we’ve had Brexit, Covid, wars et al. Catch yourself on mate.
posted by MST (Moderator) - Sunday 12th October 2025, 12:25 PM
We have just had 13 years of rubbish Government and labour are trying to be a little better. Most of the media is against them whatever they do but they have time to prove they are doing the right things. The polls seen to indicate the Conservative party may be wiped out for good as a serious party like the Liberal were when Labour became a serious force. I worries me that so many people seem to becoming ultra right wing and racist. If The ultra right wing party get elected this Country will become like America who have a president who not understand how politics works and wants to do what they likes.
posted by The Time Is Now - Sunday 12th October 2025, 12:53 PM
Let’s hope the Tories disappear asap !
posted by Ted (Guest) - Sunday 12th October 2025, 2:18 PM
Short memories!! 1997 to 2010 and there’s nothing left in the coffers. Lap dancing, casinos, debauchery and God only knows what else they got up to. This time Labour will manage that in a third of the time and likely force the far right wing into the streets.
posted by MST (Moderator) - Sunday 12th October 2025, 3:53 PM
We have to have a Government, it's as simple as. The Conservatives are clearly the outright leaders and winners of elections for over more than a century. They are in disarray right now
and appear untrustworthy for good reasons but they will re-group and get it together again soon i hope because this Labour lot with Keir Starmer are hopeless. They have one of the most inexperienced team ever assembled and they are failing. Bridget Phillipson, the Education Secretary doesn't have a clue and decent private schools are going into oblivion. I think her only claim to success is free breakfast clubs but in truth breakfast clubs have been around for years and this is Labour's problem, they don't have many wins and successes to shout about. The deal with the Chinese was always going to blow up in their faces because the Chinese and India are too close to Putin more so than America so any trade deal and success they shout about will most likely fall flat because of Trump. Not saying the Conservatives would have fared better but the record shows they might have done. I will not knock the system of high education because my son did okay at Brunel and has a successful career in the police force and my daughter who we found out late who is dyslexic also did well at Manchester university and she has a great job in nursing. It wasn't easy for both but they stuck at it. Would like to say Boris and his bikes and police recruitment Brunel help was a big influence. If i was a betting man my money would be on the Conservatives to get it right again and they will eventually.
posted by OWEN - Sunday 12th October 2025, 6:07 PM
Personally very short term if you have gold get rid of it if you’ve had it for a while long term if you look at the figures you will get your fingers burnt just my opinion ( mind you if we don’t sort the Russians out and ww3 beckons who knows
posted by Ipitombi (Guest) - Monday 13th October 2025, 9:13 AM
No good moaning about previous governments if they was any good there would not be a change suggest in stead of whinging about everybody and everything they pull there fingers out and get on with it starting with a new leader
posted by Ipitombi (Guest) - Monday 13th October 2025, 9:38 AM