Maybe.
I guess we’ll have to wait ‘til the summer to see the recommendations.
They did indeed.Didn’t sf say they are going to reduce to 1.5m ?
Many private sector employees are obliged to join pension schemes as a condition of employment -either DB or DC. So I don’t see the difference with public sector.Wouldn't it be fairer to link the SFT to the average pension fund.
People who can pull together 2million quid, or have acces to a pension valued at 2 million quid, will, presumably, have substantial income or assets.
Those in the public sector have no choice on their pension arrangments, as membership of the scheme is compulsory and linked to salary.
So, special arrangements on their tax liability is justifiable.
As for all the other wealthy people, whinging about the 2 million threshold, why don't they just invest a portion of their post tax income and use that as pensionable income.
Wouldn't it be fairer to link the SFT to the average pension fund.
People who can pull together 2million quid, or have acces to a pension valued at 2 million quid, will, presumably, have substantial income or assets.
Those in the public sector have no choice on their pension arrangments, as membership of the scheme is compulsory and linked to salary.
So, special arrangements on their tax liability is justifiable.
As for all the other wealthy people, whinging about the 2 million threshold, why don't they just invest a portion of their post tax income and use that as pensionable income.
I am in the public sector, but like the vast majority of public sector workers, my pension will be well below the average working wage.I’m guessing you’re in the public sector…
There should be consistency across the board. The SFT should be increased to €2.5m and then index-linked.
The KPMG number is too high, but it’s all a negotiation. Ask for €3.5m and land at €2.5-2.75m.
I am in the public sector, but like the vast majority of public sector workers, my pension will be well below the average working wage.
I'll get out the smallest violin, I can find, for anyone, public or private, who has to worry about a tax bill, because their pension is too big.
Or get in youger staff with experience, skills and ability. Freshen things up. Whats the alternative, stick with the ol' guard. What could go wrong?Let's get in some younger staff with no experience; what can go wrong?
Look at the fast-shrinking availability of GPs and medical consultants, with younger candidates emigrating to the far side of the world and older incumbents variously retiring earlier or opting to work part-time to escape burnout and crippling taxes.Or get in youger staff with experience, skills and ability. Freshen things up. Whats the alternative, stick with the ol' guard. What could go wrong?
Except you won't be working, you'll be retired...on an index linked pension. Comparing it to the average working wage is not a relevant comparison.I am in the public sector, but like the vast majority of public sector workers, my pension will be well below the average working wage.
I'll get out the smallest violin, I can find, for anyone, public or private, who has to worry about a tax bill, because their pension is too big.
100%. The cause for the current review of the pension threshold is not being able to get guards to take promotions as their pensions will go over the pension threshold. Hospital consultants are retiring because of the tax due on their pensions, especially after the High Court agreement.Look at the fast-shrinking availability of GPs and medical consultants, with younger candidates emigrating to the far side of the world and older incumbents variously retiring earlier or opting to work part-time to escape burnout and crippling taxes.
When people ask "What could go wrong?", lots often goes wrong.
The idiom of the straw that broke the camel's back explains it.Whilst I agree that the SFT needs to be increased, I struggle to understand why a public servant (or private) would refuse a promotion - with a higher salary and a higher pension benefit- just because a small portion of the increased pension might be clawed back over a 20 year period.
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