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Wednesday, March 02, 2016

The Great British Pension Raid

Good luck to those of us born after 1961, for the government intends to make us wait longer until we retire.

The younger you are now, the longer you will have to work (up to 80 for the youngest) before you receive a state pension.

Ministers have announced a radical review of the pensions regime because the current system is not "affordable in the long-term".
The review will be chaired by Sir John Cridland, the former head of the Low Pay Commission, and will assess whether the current pensions system is "affordable in the long-term".

The results of the review will be published in May 2017.

The Chancellor is also considering plans to scrap higher rate tax relief on pension contributions as part of the Budget this month and move towards a "flat rate", which could be as low as 25%.

To add to the misery of those saving for retirement, or living off savings in retirement, interest rates may well go negative in an attempt to stimulate consumption.

Good luck everyone, it's simply not worth living to old age anymore!

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