“Labour to reverse ‘tax cut for the rich’ pension reform if it wins the next election”

Mar 16, 2023 | Pensions

Only around 10% of our clients were lucky enough to have, or be likely to have, pensions which exceed the lifetime allowance of £1m or so. So that makes the proportion of the population as a whole which this affects still smaller, which I guess is why it seemed like a good idea to introduce it in the first place. It was the Rule of Unexpected Consequences which made it a problem, as those most likely to have pensions big enough to be taxed turned out to be senior civil servants and hospital consultants with good, old fashioned, gold-plated, government-funded pensions; and many of them decided to retire early rather than lose a big chunk in tax. The next Unexpected Consequence, however, is that Labour have promised to un-scrap it so my guess is that, instead of sticking around, many of those doctors will decide to retire now and get out while the going is good. 

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coins, currency, investment
“NatWest buys 85% stake in pensions fintech Cushon”

“NatWest buys 85% stake in pensions fintech Cushon”

OK, this might not sound like a big deal, but it is, I think, the thin end of yet another wedge. Not so many years ago, when the banking dinosaurs ruled the earth, they bought life insurance companies, fund managers and even estate agents…